By Dipo Olowookere
Executive Director of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo, has expressed his delight in the gains recorded by the country’s economy as a result of earning foreign exchange from other sources apart from oil.
Since the present administration of President Muhammadu Buhari came on board, there have been efforts made to diversify Nigeria’s economy.
According to Mr Awolowo, the Nigerian economy was beginning to record positive trade balance as a result of increase in exports.
The NEPC boss, while reacting to the recent release by the National Bureau of Statistics (NBS) on the Q2, 2017 report on Foreign Trade in Goods Statistics, stated that the 3.2 percent growth in export value in the second quarter of 2017 was a “proof that the economy has indeed recovered from recession and is on its way to sustainable growth as envisioned by the administration of President Muhammadu Buhari, in the recently launched Economic Recovery and Growth Plan (ERGP).”
He added that, “As expected, we therefore see a strong correlation between economic recovery and improved export trade i.e. as exports increase, the economy improves.
“Current efforts by the government to accelerate the development of a more diversified economy, with emphasis on non-oil exports, has started to yield positive results.”
The NBS, in its report, stated that Nigeria’s total export value at N3.1 trillion in the second quarter of this year, representing an increase of 3.2 percent over Q1 2017 and a very significant 73.48 percent over Q2 in 2016.
The report covered seven sectors, namely; Agriculture, Oil & Gas, Raw Materials, Solid Minerals, Manufactured Goods, Energy and other Oil related goods.
NEPC was established through the promulgation of the Nigerian Export Promotion Council Decree No. 26 of 1976, now an Act.
It was established to promote non-oil exports as the key driver of the Nigerian economy. It was also formed to position the export market as the growth opportunity of choice for private sector earnings and sustainable economic development.
However, Mr Awolowo has called for all hands to be on deck to build a stronger and more vibrant economy as the council would continue to leverage on the power of export to transform the economy.
He noted that, “NEPC focuses entirely on leveraging the power of exports to transform the Nigerian economy, create jobs, lift people out of poverty, and strengthen the government’s finances.”
Adedapo Adesanya