The Nigerian Export Promotion Council has said that
the country’s earnings from non-oil exports dropped
by N52.2billion ($261million) in the second quarter
of this year.

The country’s non-oil export dipped to N78.2bn
($391m) in the second quarter of 2015 from
N130.4bn ($652m) recorded in the second quarter
of 2014, representing 39.25 per cent decrease.
The figures were disclosed in Abuja yesterday by
the Executive Secretary of the Nigeria Export
Promotion Council (NEPC), Mr. Olusegun Awolowo,
during a courtesy call on the Council by the new
Comptroller-General of the Nigerian Customs
Service, Col. Hameed Ali (rtd).Awolowo attributed
the slump in non-oil export revenue earning to the
suspension of the Export Expansion Grant (EEG)
and the insurgence in the North East. “The situation
is compounded with the non payment of the Export
Expansion Grant (EEG) and the insurgency in the
North East which is the agricultural basket of the
nation.
He said, “The nation is not only losing on the
economic front, the lull in the non-oil export is also
affecting the capacity of the manufacturing sector
to employ, lamenting that in the period under review,
the nation lost 50 per cent of its labour force.“The
country has taken a dip of 60 per cent in oil
revenue. For any country across the world, it is
huge.

http://www.vanguardngr.com/2015/11/non-oil-export-earnings-drop-by-n52-2bn-in-q2/

comments

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This is serious. So we bunker not only oil but also our groundnuts, cocoa, plantain etc that are meant for export? We have not devalued the Naira, if we mistakingly do so, this kind of N52.2bn shortfall will girate to about N80bn and translate to higher inflation and unemployment. Then the oil sector deficit will cripple the economy more. No devaluation; no oil subsidy!!!!

Innoson, Aba artisans, Nollywood producers, cocoa farmers, kilishi meat producers should be supported with multi-million naira loans to enable them ramp up non oil exports. Oil is down at the moment and this nation cannot continue to depend on a product that is down.

Bank of Industry, Bank of Agriculture, Export Import Bank; you must rise to the challenge.

Buhari have finished this country.

GenbIoodykiller:
Buhari have finished this country.

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