Nigeria nets $3.4 billion in exports, spends $22 billion on imports

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Nigeria has reaped a sum of $3.4 billion from exporting products and goods to other countries while also spending $22 billion on the importation of other goods into the country. The Nation reported

The Executive Director/CEO Nigerian Export Promotion Council (NEPC), Ezra Yakusak disclosed this at a press conference on the forthcoming national conference on non-oil export coming up in Abuja, with the theme, ‘Export for Survival: Optimising Nigeria’s non-oil export potentials’.

Yakuza stated that the gap is too large, stressing the  need to fill the gap of $3.4b to

$22billion.

He said that the  non oil export sector of the economy also experienced great vulnerability.Which he said is as a result of the uncertainties faced from global crude oil prices and the adverse effect of COVID-19.

Yakuza stated the naira in the last 15 years has experienced a tremendous devaluation of  over 300%. According to him this disturbing trend was caused by Nigeria’s inability to earn foreign exchange from other products, due to the mono cultural economy of the country.

According to the Director, the mono cultural economy system of the country has drawn concerns among stakeholders and practitioners in the non-oil export ecosystem; which geared the NEPC to recently launch an awareness campaign on export for survival.

The objective  of the campaign is to create an awareness to the public on the need to embrace non-oil export as a major driver in diversification with the reluctant effect of boosting foreign exchange earnings. He said.

Yakuza added that the Vice President Prof. Yemi Osinbanjo will be among the many participants and will serve as a special guest of honour and also expected to declare the event open.

Others expected to be present are; the Secretary to the Government of the Federation, Boss Mustapha, the Minister of State, Industry Trade and Investment Amb. Maryam Katagum and other prominent government officials.

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