FG’s marked out 13 export products as replacement for oil – Aganga

THE Federal Government has marked out 13 national strategic export products, meant to replace petroleum products, the prices of which have continued to tumble at the international markets, threatening the stability of the Nigerian economy, Minister of Trade and Investments, Mr Olusegun Aganga, has said.

He said that this was part of moves by the Federal Government to revive the dwindling national economy with emphasis on rapid growth of the non-oil sector for exports.

Aganga, during an unscheduled inspection and a meeting with the Executive Director of Nigerian Exports Promotion Council, NEPC, Mr. Olusegun Awolowo and members of his management team in Abuja, noted that originally 12 products were identified, but the number increased because the Executive Director of NEPC made a very strong case for the inclusion of Cashew in the list.

Unveiling plans by the Federal Government for diversifying the economy, Aganga listed the 13 national strategic export products, NSEP, in three categories to include:
•Agro-industrial — Palm oil, cocoa, cashew, sugar and rice;
•Mining related — cement, iron ore/metals, auto parts/cars,  aluminium and
•Oil and gas industrial products — Petroleum products, fertilizer/urea, petrochemical and methanol.

Responding, Awolowo noted that NEPC under his leadership had long recognised the need to develop the non-oil export sub-sector and in the process held series of strategic meetings with stakeholders for the development of ideas aimed at improving the foreign exchange earnings by Nigeria through different avenues.

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