Why implementation of zero oil plan essential to Nigeria’s economy: NEPC

*Trade figures indicate the country is running a deficit, depends largely on lone commodity (oil) to drive export ─ Segun Awolowo, NEPC Chief

*There is no doubt that the economy is not doing too well

Isola Moses | ConsumerConnect

In re-emphasising the importance of economic diversification and active implementation of the country’s Zero Oil Plan, Mr. Segun Awolowo, Executive Secretary, Nigeria Export Promotion Council (NEPC), says realistic application of the plan will boost Nigeria’s foreign exchange (Forex) earnings in view of the economic contraction induced by ravaging COVID-19 pandemic.

Mr. Awolowo spoke with State House correspondents after meeting with Vice- President (Prof.) Yemi Osinbajo recently at the Presidential Villa, Abuja, FCT.

The Zero Oil Plan is said to be part of the strategic initiative to boost supply of foreign exchange from non-oil sectors.

The NEPC Executive Secretary stated that trade figures indicated that the country was running a deficit as it depended largely on one commodity –oil, to drive export.

Awolowo said: “It is really difficult the challenges that COVID-19 has brought to us; we hope that by next year we will start to come out of it.

“But mostly the agricultural products are not faring so bad; in fact, we had an increase in sesame even during this period and we were even able to move some goods by air freight during this period.

“So, you look for opportunities where there are challenges and that is going to be the story as we try and move forward.

There is no doubt that the economy is not doing too well; you can all feel it; all of you feel it.

He said “as for me in the NEPC, our story is the Zero Oil Plan; let us start pushing this plan.

“We have other products that we believe Nigeria can earn the much needed foreign exchange because that is what is in a short supply in our economy now.

“So, we must find a way to generate that foreign exchange.’’

Harnessing petrochemicals must be taken seriously as the country pushes for Zero Oil Plan, he noted.

The NEPC Chief said that petrochemicals trade is about $150 billion globally annually and Nigeria is not in it; yet it is a petrol economy.

“So, we will get there, we have many things also that are moving on the Zero Oil Plan.

“The CBN (Central Bank of Nigeria) has put money into about five sectors we think we can generate foreign exchange on.

“We will see changes we need to hold this economy afloat with movement in that area of our economy,’’ stated he.

Awolowo said that the Economy Sustainability Plan (ESP) would assist Small and Medium Enterprises (SMEs) to pay salaries and remain in trade.

He said the most important thing was to build the SMEs up so they that they could produce more.

He added: “We help them so that they can pay salaries of staff because the SMEs bracket is the biggest employer of labour in Nigeria as we speak.

“So, we need to really help them; and that is what part of the ESP is going to do– which President Muhammadu Buhari has approved and launched.

“With all that, we will be able to stimulate the economy up to a point that it can sluggishly get back on track get back on track.”