propeller

Saturday 30 May 2015

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.”

No comments:

Post a Comment