Abuja, July 11, 2023: The Nigeria Employer’s Consultative Association (NECA) has express readiness to focus on non-oil trade for the creation of more jobs, boast foreign earnings and investments for the development of the country.
Mr Taiwo Adeniyi, NECA President said this at the 2nd Edition of Nigeria Employer’s Summit for 2023 on Monday in Abuja.
The two- day summit was themed, “Trade and Non-Oll Export: Changing the Narrative for Rapid National Development.”
According to Adeniyi, ”today, we focus our attention on the imperative of increasing trade and non-oil export, given the unpredictability and volatility of the global crude oil market from which Nigeria generates its major source of income.
“Our desire is that the outcome of this Summit will kick-start a number of immediate measures that will reshape our disposition and attention to non-oil international trade.
“This will increase foreign earmngs, spur investment, encourage job creation and contribute to amelirating the debt-burden the country currently faces,”he said.
He also said the summit would address the various thematic areas, challenges, solutions and opportunities to accelerate the socio-economic progress of of the nation.
He added that the summit also would serve as a unique platform for participants to forge relationships, nurture collaborations, and explore innovative ideas to move their respective businesses forward.
Adeniyi therefore, implore all participants to fully engage in the conversations, share experiences, and contribute their expertise to ensure fruitful outcomes.
Also, Mr Nebeolisa Anoko, Permanent Secretary, Budget and National Planning said the summit was apt especially when the country was facing fiscal challenges.
Anoko said that there was need for Nigeria to endure effective diversification of her revenue base by focusing on growing the economy, trade and non – oil exports.
According to him, the National Bureau of Statistics, in its recent report stated that Nigeria’s non-oil sector grew by 2.77 per cent in Q1 of 2023.
“This was lower by 3.30 per cent compared to the rate recorded in the same quarter of 2022 and 1.67 per cent lower than the fourth quarter of 2022.
“In real terms, the non-oil sector contributed 93.79 per cent to the nation’s GDP in the first quarter of 2023, marginally higher than the share recorded in the first quarter of 2022 which was 93.37 per cent and lower than 95.66 per cent recorded in the fourth quarter of 2022.
“Considering that crude oil generates about 90 per cent of Nigeria’s foreign exchange earning – which has been so for decades, this data provides an interesting perspective to not only the country’s capacity to improve its foreign exchange earnings through non-oil exports but also to improve the Nigerian economy in general,”he said.
Anoko added that given the above statistics, the vital role of the private sector in Nigeria’s Economic development cannot be over emphasized.
He said that in furtherance of the Federal Government’s objectives of creating jobs, reducing unemployment and promoting financial inclusion, the Nigeria Export Import Bank (NEXIM) has a facility that supports Small and Medium Scale Enterprises (SME).
“That triggers the non – oil exports development growth and also contribute to the foreign exchange revenue earnings of the country.
“The facility will also; improve access of exporters to concessionary finance to expand and diversify the non-oil export baskets; attract new investments and encourage re-investments in value-added non-oil exports production and non-traditional exports.
“Also to shore up non-oil export sector productivity and create more jobs; support export oriented companies to upscale and expand their export operations as well as capabilities; diversify and increase the level of contribution of non-oil exports revenue.
“That is towards sustainable economic development; and broaden the scope of export financing instruments, among others,” he said.
He further said the ministry would continue to support the efforts of the NECA in addressing the issues around the growth of the non-oil sector of the economy.
