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Nigeria’s GDP to rake in $30bn from priority products – NEPC

There are indications that Nigeria’s Gross Domestic Product (GDP) is expected to get $30 billion boost from non-oil exports by 2025 with the discoveries of 22 products to enable Nigeria achieve a zero oil plan. Particularly, the Nigerian Export Promotion Council (NEPC) has disclosed that it has identified products in non-oil export sector that will catalyse the country’s fragile economy by 2025. Also, the NEPC noted that the products could generate about 500,000 additional jobs annually for the country.

The NEPC disclosed this in its “Opportunities in the Export Market” report published on its website. The export council noted that unemployment rate in Nigeria was at an all-time high of 33.6 per cent, and the value of the naira and revenue from crude oil exports at an all-time low, coupled with the effects of COVID-19. According to NEPC, Nigeria must survive in a world in which it sells no more oil, as the zero oil plan is a strategic plan to diversify Nigeria’s export portfolio to include non-oil exports such that 20 per cent of the GDP is attributed to non-oil exports.

 

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