The Vice President, Yemi Osinbajo, has assured Nigerians that the President Muhammadu Buhari-led administration would ensure the reengineering of the country’s economy, saying with focus on non-oil exports coupled with the Zero-Oil Plan actively promoted by the Nigerian Export Promotion Council (NEPC), Nigeria is on the right path to economic diversification.
He added with the policies and other initiatives been put in place by the Federal Government, the country’s economy would experience rebound and move away from oil dependent by exploiting other areas to achieve the desired result through diversification.
Speaking on Thursday when he receive the NEPC delegation led by its outgoing Executive Director/CEO, Segun Awolowo, at the Presidential Villa, Osinbajo noted that the country was on the right path and that the economy would soon regain its balance from the coronavirus pandemic shock.
According to the vice president, we are set on the right path and I like the fact that we are focused on non-oil exports, and we are facing the challenges and we are facing them head-on.
“In the next few years, those of us who are policymakers and looking at the future, must, today, have a plan. In fact, we have set ourselves on an inevitable course of a zero-oil plan.”
He then commended the outgoing NEPC CEO for his foresight, stating that “I want to commend you for your foresight for putting in place a plan that is very well-structured and detailed.
“It is very important to note that we are certainly getting away from the oil and gas era. In the past, we used to think that it will still take a while but today, with the circumstances and all of the various factors around the world less dependence on oil, Climate Change, and COP, it is inevitable.”
He added that “public investments from the EU, from the multilateral organisations for oil and gas, are fizzling out.” Speaking on the efforts put in place by the NEPC to ensure that the objectives of government were realised, the vice president noted that “the Export Expansion Facility Programme is a natural progression for the Zero-Oil Plan.”
“If you say you have a zero-oil plan, then you must have a way of improving exports in particular because oil is our major foreign exchange earnings. So, if you are going to replace it, then you must have a robust plan, and I think that the EEFP is an incredibly wide door for exports in our country,” the Vice President added.
Osinbajo however tasked stakeholders in the sector to brace up for the challenges ahead, stating that “the years to come will test our resolve even more because we are going to be challenging ourselves the more.”
Earlier in his remarks, Awolowo gave an overview of the EEFP which he said has been crucial to the economic diversification agenda of the government, disclosing that a significant increase in non-oil revenues at over N1tn which is now 15 per cent above target.
Awolowo praised the support the Council enjoyed from the President and the Vice President in the discharge of its mandates and noted that it enabled the “NEPC to significantly re-energise the country’s non-oil exports.”
He said that through the activities promoted by the Council, Nigeria is on track in growing its non-oil sector, and urged all stakeholders not to relent in their efforts.