• Fri. Apr 19th, 2024

Council Emphasizes Zero Oil Plan to Boost Economy

Nigeria Export Promotion Council NEPC says active implementation of the Zero Oil Plan will boost Nigeria’s foreign exchange earnings in the face of economic contraction caused by COVID-19 pandemic

The Executive Secretary, Mr Segun Awolowo spoke with State House correspondents after meeting with Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

Mr Segun Awolowo explained that the Zero Oil Plan was part of strategic initiative to boost supply of foreign exchange from non-oil sectors.

He said trade figures showed that Nigeria was running a deficit as it depended largely on one commodity–oil, to drive export.

According to him, it is really difficult; the challenges that COVID-19 has brought to the economy hoping that by next year Nigeria will start to come out of it.’

Mr Segun Awolowo noted that harnessing petrochemicals must be taken seriously as the country pushes for Zero Oil Plan,

The Executive Secretary regretted that petrochemicals trade was about 150 billion dollars globally annually and Nigeria is not in it; yet it is a petrol economy. NAN