By Innocent Odoh The Executive Director of Nigerian Export Promotion Council (NEPC), Segun Awolowo has decried the pathetic contribution of Africa to global exports saying that the continent contributes less than 4 percent of global exports.
Awolowo disclosed this on Wednesday in Abuja when he received a delegation of Japanese industrialists in Nigeria, describing the situation as ineffective to boost the continent’s economic fortune. He added that the continent needs to grow her export capability in order to be able to have economic stability.
While speaking on Nigeria’s dismal export, Awolowo said that for the country to regain her export strength, non –oil products must be given priority to take the place of oil in the global market as prices of crude continues to drop.
“When you drive your export hub, you increase your foreign exchange; Nigeria needs to grow her foreign income. The problem of the country is not the fall in oil prices, Nigeria has an export inertia problem because Nigeria has failed to export” he stated.
Awolowo stressed that the Council is committed to boosting the country’s export earnings by selecting agricultural products to replace oil export to ensure that the country derives home the needed foreign income.
“We have to implement a rigorous screening exercise to come up with promising products to replace the country’s oil export. In doing this, the Council is looking for investment in manufacturing and industry to boost our export capacity effectively”.
He called for more collaboration from the Japanese delegation to increase Nigeria –Japan export, adding that significant improvement is needed in the country’s production to meet national target for export.
The leader of the delegation, Yusuhiro Hashimoto reaffirmed Japan’s commitment in boosting bilateral trade among the two countries even as he assured that there will be an improvement in the number of Nigeria’s products that will be exported to Japan in 2017.
