Dwindling oil price: FG gives priority to 13 non-oil exportproducts

The Federal Government, in a bid to salvage the economy from
total collapse, has marked out 13 National Strategic Export
Products (NSEP) to complement the petroleum products,
which prices have continued to tumble on the international
markets.
Minister of Trade and Investments, Mr. Olusegun Aganga,
noted that this was part of the moves by the government
towards reviving the dwindling national economy with em­
phasis on rapid growth of the non-oil sector for exports.
Aganga, during an inspection and a meeting with the Executive
Director of Nigerian Exports Promotion Council (NEPC), Mr.
Olusegun Awolowo, and members of the management team in
Abuja listed the 13 NSEP in three categories to include agro-
industrial palm oil, cocoa, cashew, sugar and rice; mining-
related cement, iron ore/metals, auto parts/cars, aluminium
and oil and gas; industrial products – petroleum products,
fertilcement, iron ore/metals, auto izer/urea, petrochemical
and methanol.
He stated that originally 12 products were identified, but that
the number got increased because the Executive Director of
NEPC made a strong case for the inclusion of cashew in the
list.
Aganga, however, charged NEPC to deploy its capacity for
kick-starting the diversification of the country’s economy in
line with the government’s agenda.
Aganga said he chose NEPC and SMEDAN for his first visit in
the new year because of their potential and strategic
importance for diversification of the economy, job creation,
poverty alleviation and inclusive growth.
The strategy to be deployed in that regard, according to him,
requires that NEPC identifies products that are being imported
by countries from other exporting nations and to develop the
products with sound logistics built around them.
The essence, the Minister stressed, is to deliver them cheaper
to neighbouring countries, being an export oriented investment
strategy.
He said, “in doing this, we must recognise our neighbours’
developmental needs, support them and collaborate with them
in areas of their comparative advantage.”
He added: “For you to have sustainable relationship, there
must be symbiotic in relationship.
“The new strategic focus is not just agriculture but rather
commodities-based industrialisation. This will help our
economy to diversify quickly and become sustainable. Such
strategy will help build an industrial sector that can diversify
our economy in just few years.”
The Executive Director, NEPC, Awolowo, said that NEPC under
his leadership had long recognised the need to develop the
non-oil export sub-sector and had in the process held series
of strategic meetings with stakeholders for the development of
ideas aimed at improving the foreign exchange earnings by
Nigeria through different avenues.