Only non-oil export’s forex will spur Nigeria's economic growth – NEPC

Nigerian Export Promotion Council (NEPC) has said only foreign exchange earnings generated from non-oil products will spur sustainable economic growth in the country.
 
Mr Segun Awolowo, NEPC’s Chief Executive Officer
Mr Segun Awolowo, NEPC’s Chief Executive Officer, who disclosed this at the EBS RED Quarterly Lecture in Abuja, said forex generated from remittance from Nigerian relatives abroad could not provide sustainable economic development for the country.

Represented at the lecture by a director at NEPC, Barrister George Enyiekpon, the NEPC boss said it was obvious that crude oil was no longer profitable as it was before, adding that the non-oil export should therefore be focused on by the country.

According to him, Nigeria’s exchange rate violability started way back in the 1960s; not just in 2015.

He urged the youths to focus on export as a business, as they would not only make ends meet but also help the country garner much foreign exchange.

But a senior lecturer in the Department of Political Science and International Relations, University of Abuja, Dr Mutiullah Olasupo attributed Nigeria’s economic growth problem and the country’s forex violability to corrupt leadership and lack of sound economic policies.

He said bad governance from corrupt leaders had wreaked huge havoc on the country’s economy, adding that it would only take sincere and corrupt-free leaders to savage the economy.


He cited Malaysia, Singapore and South Korea as countries that were below Nigeria in terms of economic development in 1960s and 1970s, but sincere leadership and good governance had catapulted them to be among the economic buoyant countries far above Nigeria.        

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