Federal Government has identified 13 products to serve as alternative sources of revenue generation.
Managing Director of Nigeria’s Export and Import, NEXIM, Bank, Roberts Orya, disclosed this in Makurdi, Benue State capital at the weekend while speaking with newsmen at the end of a three-day awareness workshop for North Central states on the prospects of diversification to non oil sector economy.
Orya said it had become expedient for Nigeria to source for alternative ways of revenue generation following a progressive fall in the prices of petroleum products at the international oil market.
Since Nigeria remains the largest economy in Africa and one of the fastest growing economies in the world, the NEXIM bank MD said it can no longer afford to rely so heavily on crude oil, as the mainstay of her economy.
‘’Under this arrangement, every state will have a particular product to focus on, but cumulatively, the government has identified 13 products and we are hoping that in the next 2 or 3 years, that will be the focus of the government’’, Orya maintained.
He explained that part of the initiative is to ensure that government comes up with a policy of one state, one product, a system where every state will be involved in deepening the non oil sector.
‘’This is the area we intend to generate our revenue from, it is not the current situation where, 70 percent of our revenue are coming from oil’’.
As the trade policy bank of Nigerian government, Mr. Orya noted that NEXIM bank had stopped the practice of financing the exportation of raw agricultural commodities to other nations.
He said the exportation of raw agricultural products does not only encourage capital flight but also has the tendency to reduce jobs creation.
‘’This practice will not create jobs. If you are exporting raw agricultural products, you are invariably exporting jobs and opportunities’’.
The Makurdi workshop, according to him, was part of the aggressive public enlightenment campaigns embarked upon to sensitive members of the investing public within the North Central geopolitical zone and beyond, on the huge potentials of the export industry to encourage investment and entrepreneurship.
Orya further maintained that the huge agricultural potentials of some states in the region, particularly Benue as well as its abundant human resources have the capacity to trigger rapid economic growth of the nation through foreign exchange earnings, job and wealth creation and poverty reduction.
He also noted that all the states within the North Central zone of Nigeria are richly blessed with a variety of solid mineral resources with the prospects to sustain a stable and vibrant Nigerian economy and drive the process of diversification.
Orya assured that NEXIM Bank would continue to be at the fore-front of the nation’s drive towards the expansion of the productive base of the economy by providing financial, technical and professional advisory support to business enterprises with export promotion initiatives.


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