A total sum of N353.01bn was earned by the country
from non-oil exports in the first three months of this
year, figures obtained from the National Bureau of
Statistics have shown.
The N353.01bn when compared with the N252.33bn,
which was earned in the fourth quarter of 2014,
represents an increase of N100.68bn or 40 per cent.
A breakdown of the non-oil receipts of N353.01bn
showed that the country through its diversification
programme earned N76.24bn in January while in
February and March it recorded the sum of
N214.74bn and N62.03bn, respectively.
Some of the exported products, according to the
documents, are sesame seed with a value of
N28.46bn; raw cocoa beans, estimated at N15.95bn;
leather, N9.6bn; cocoa shells,husks and skins, all
contributing N5.99bn.
Others are frozen shrimps and prawns, N5.02bn;
cigarettes containing tobacco, N3.75bn; cocoa butter,
fat and oil, N3.45bn; prepared foodstuff, beverages,
spirits and vinegar, N53.8bn; and vegetable
products, N36.7bn.
It said Nigeria exported goods mainly to India,
Netherlands, Spain, South Africa, Brazil, Ivory Coast,
France, Germany, Japan and Indonesia
The immediate past Minister of Industry, Trade and
Investment, Mr. Olusegun Aganga, while speaking in
an interview with our correspondent on Thursday,
said over 60 reform programmes and 12 games
changers were implemented within the last four
years to diversify the revenue base of the economy.
The minister said if the country must continue on the
path of industrialisation, then there was a need for
the incoming administration to sustain the reforms.
He said discontinuing the reforms would do the
country no good as it would send a signal that the
nation was still not ready for diversification of the
economy.
He said other countries that relied solely on oil had
been able to diversify their economy by aggressively
implementing key reforms for at least eight to nine
years.
He said, “We have implemented more than 12 game
changers and more than 60 reforms to enable us to
diversify the economy and revenue resources of the
government so that we will no longer rely on oil
alone.
“So, if there is only one wish, I would hope and pray
that we continue strictly with the implementation of
the industrial revolution plan. That is the only thing
that will diversify the revenue sources of this
country. Countries that rely only on one product that
have successfully diversified have stayed on the
same programme for eight to nine years. We need to
keep to the same programme.”
The minister also said, “Let’s stay on this part for the
next eight or nine years. We have set the pace with
the reforms, all that is needed is continued the
implementation and stick to it for the next eight to
nine years.”
The Vice-President, Media, Abuja Chamber of
Commerce and Industry, Mr. Jude Igwe, said for the
diversification efforts to be sustained, the
administration of President Muhammadu Buhari
should concentrate on addressing the challenges
facing the Small and Medium Enterprises in the
country.
He said, “The SMEs represent roughly 85 per cent of
the economy and they have been globally
acknowledged as the engine of growth of any
economy, Nigeria inclusive and the chamber
movements all over the world are mostly populated
by this group.
“The well-being of the SMEs is so critical in any
economy that desires growth, generation of
employment and production of consumer goods that
it should not be ignored for a moment.
“Government should therefore endeavour to provide
the enabling environment for the SMEs to thrive and
this should include right fiscal policies such as
provision of funds and elimination of multiple
taxation and provision of the necessary
infrastructure.”
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