FG To Earn N5tr From Non-Oil Exports

By Ikenga Chronicles February 5, 2018

FG To Earn  N5tr From Non-Oil Exports

The Federal Government has said it hopes to increase its earnings from non-oil export revenue from N1.5 trillion to N5 trillion within 3–4 years.

This was disclosed by the Executive Director/CEO Nigerian Export Promotion Council (NEPC), Mr. Segun Awolowo, during a round table exhibition on Export Competency Development Programme recently in Abuja.

He said N10 trillion or $30 billion earnings is a possibility within the stipulated time frame if it is supported by the government.

Awolowo further stated that about $13 billion could be earned from Cocoa yearly by 2025 which could attract global players in the sector into the country.

He said his claim is backed up by the findings from studies conducted by the council in collaboration with the Applied Management Research Team of the University of California, Los Angeles last year which said that Nigeria can earn about $13 billion.

The NEPC CEO explained that from a raw cashew production of 150,000 tons, 15,000 tons are processed in Nigeria which is just 10 per cent. While in 2016–2017 a ton of raw cashew nut is sold at a maximum of $1,800.