The Federal Government, through the Zero Oil Plan, has set a long-term goal of earning about $100 billion from about 22 major non-oil products over the next 10 years. This represents 20 per cent of Nigeria’s Gross Domestic Product (GDP).
If well implemented, the zero oil plan will acheive the following:
- Add an extra $150bn (minimum) to Nigeria’s foreign reserves accumulating from non- oil exports over the next 10 years.
- The zero oil will create at least 500,000 additional jobs annually due to an increase in productive and export activities helping to contribute to Sustainable Development Goal (SDG) to decent work and economic growth.
- The zero oil plan will lift at least at least 20 million Nigerians out of poverty.
"We have rolled out export policies for 22 major products that could generate up to $30 billion in foreign exchange a year. These include cotton, rice, leather, gold, soya, sugar, cocoa, petrochemicals, fertilizer, palm oil, rubber, cement, tomato, banana, oranges, cashew, cassava, sesame, spices, ginger, shea butter and cowpea." ~ Mr Segun Awolowo, Executive Director, Nigeria Export Promotion Council (NEPC).
Read more details from The Nation here.