Post by Trade facilitator on Jun 6, 2012 21:45:17 GMT 1
NIGERIAN Export Promotion Council (NEPC) has estimated non-oil export potential not fully exploited at about five per cent of total export amounting to $2.8 billion (N448 billion) in 2011.
The Executive Director/Chief Executive Officer of NEPC, David Adulugba, made this known at the weekend during the yearly general meeting of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).
According to him, the non-oil export potential remained far more than oil considering Nigeria’s natural resource endowment and the growth of the sector over time.
Adulugba, who was represented by Director, Special Services Office, Olajide Ibrahim, stated that infrastructure decay, especially energy challenges, has been a major impediment to non-oil export development and growth.
He said that Nigeria’s present non-oil export statistics include agriculture, leather, fresh produce, rubber, aluminum and articles, manufactured goods and commodities.
Adulugba disclosed that 117 products were already being exported from Nigeria to 103 countries.
According to him, export of crude oil currently account for about 95 per cent of total export.
He however stressed that Nigeria could achieve an average yearly growth rate of 40 per cent in the next five years from the present level of 20 per cent through diversification of the nation’s resource base.
“We could move the contribution of non-oil export from the current five per cent to 20 per cent of total export by 2020. It is possible for us to widen current profile of the non-oil export from 1178 to over 200 products by 2020 and from 103 countries to 115”, he said.
Adulugba listed importance of non-oil export to include the promotion of made-in-Nigeria goods; foreign exchange generation; employment generation; expansion of business; competence improvement and competition enhancement.
Others, according to him are reduction in dependency syndrome; increased efficiency and productivity; improvement in competitive and comparative advantages; diversification of sources of income and foreign exchange inflow and development of skilled and productive work force.
He said that there were many opportunity for growth in the agriculture and agro-allied sector, adding that, “all aspects of direct agricultural production, but in particular, rehabilitation of groundnut, cotton, cocoa and oil palm production, fish production and forestry. There is opportunities for investment in processing of agricultural produce and storage facilities”.
Adulugba listed other investment areas in the agricultural sector to include investment in processing of agricultural input supply and distribution; agricultural mechanisation; agricultural support activities including research and funding of research activities; and water resources development, especially for irrigation and flood control infrastructures along river basins.
He stated that there were tremendous development opportunities for investments in the solid mineral sector in Nigeria.
“There are prospecting licenses for local and foreign investors to participate in the exploitation of the vast mineral resources in Nigeria is granted by the Federal Ministry of Solid Minerals.
“There are nine priority sub-systems that possess the ability to stimulate the laying of a favourable industrial base and provide a catalyst to industrialisation in Nigeria”, he added.
Source: www.nigerianhomepage.biz/business-in-nigeria/9938-nepc-puts-nigeria%E2%80%99s-untapped-non-oil-export-potential-at-$2.8bn.html
The Executive Director/Chief Executive Officer of NEPC, David Adulugba, made this known at the weekend during the yearly general meeting of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA).
According to him, the non-oil export potential remained far more than oil considering Nigeria’s natural resource endowment and the growth of the sector over time.
Adulugba, who was represented by Director, Special Services Office, Olajide Ibrahim, stated that infrastructure decay, especially energy challenges, has been a major impediment to non-oil export development and growth.
He said that Nigeria’s present non-oil export statistics include agriculture, leather, fresh produce, rubber, aluminum and articles, manufactured goods and commodities.
Adulugba disclosed that 117 products were already being exported from Nigeria to 103 countries.
According to him, export of crude oil currently account for about 95 per cent of total export.
He however stressed that Nigeria could achieve an average yearly growth rate of 40 per cent in the next five years from the present level of 20 per cent through diversification of the nation’s resource base.
“We could move the contribution of non-oil export from the current five per cent to 20 per cent of total export by 2020. It is possible for us to widen current profile of the non-oil export from 1178 to over 200 products by 2020 and from 103 countries to 115”, he said.
Adulugba listed importance of non-oil export to include the promotion of made-in-Nigeria goods; foreign exchange generation; employment generation; expansion of business; competence improvement and competition enhancement.
Others, according to him are reduction in dependency syndrome; increased efficiency and productivity; improvement in competitive and comparative advantages; diversification of sources of income and foreign exchange inflow and development of skilled and productive work force.
He said that there were many opportunity for growth in the agriculture and agro-allied sector, adding that, “all aspects of direct agricultural production, but in particular, rehabilitation of groundnut, cotton, cocoa and oil palm production, fish production and forestry. There is opportunities for investment in processing of agricultural produce and storage facilities”.
Adulugba listed other investment areas in the agricultural sector to include investment in processing of agricultural input supply and distribution; agricultural mechanisation; agricultural support activities including research and funding of research activities; and water resources development, especially for irrigation and flood control infrastructures along river basins.
He stated that there were tremendous development opportunities for investments in the solid mineral sector in Nigeria.
“There are prospecting licenses for local and foreign investors to participate in the exploitation of the vast mineral resources in Nigeria is granted by the Federal Ministry of Solid Minerals.
“There are nine priority sub-systems that possess the ability to stimulate the laying of a favourable industrial base and provide a catalyst to industrialisation in Nigeria”, he added.
Source: www.nigerianhomepage.biz/business-in-nigeria/9938-nepc-puts-nigeria%E2%80%99s-untapped-non-oil-export-potential-at-$2.8bn.html
