The macroeconomic environment of the country has shown significant growth and stability since after the recession, according to a report presented to the National Economic Council (NEC), chaired by the Vice President, Prof. Yemi Osinbajo, SAN. According to the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, who made the presentation, there have been eight successive quarters of economic growth since the country emerged from recession.
While affirming the Economic Recovery and Growth Plan (ERGP), as the basis for the Medium Term fiscal strategy, she highlighted that Macro-economic stability has been achieved with growth in end Q3, 2019 at 3.01 per cent; continued increase in Real GDP from 1.89 per cent in Q2, 2018 to 2.01 per cent in 2019; there has been significant growth in non-oil sector. Other significant economic growth records include the fact that inflation has continually declined since 2017 from 18.72% to 11.08% in July 2019; contribution of the non-oil sector to GDP has also increased 90.4% in Q1 2018 to 90.9% in Q1 2019.
The Governor of Jiagawa State, Alhaji Mohammed Badaru Abubakar, presented an update on the activities of the Zero oil Committee set up by the National Economic Council. He said that the achievements of the Zero Oil Plan to date includes Non- oil exports (excluding natural gas) have risen from $1.17 billion in 2016 to $3.16 billion in 2018 meaning that Strategic sectors identified in the Zero Oil Plan have seen growth. For instance, cocoa exports have risen by $79.4 million since 2017, while sesame exports have also increased by $153 million since 2016 – an increase of more than 100%· A state Export Development Fund has also been created through N50 billion debenture to be disbursed by NEXIM, in which the Central Bank of Nigeria (CBN) has invested. The Fund offers long –term loan at single-digit interest rate to qualifying export-oriented projects under the State Export Development Programme and the Anchor exporter scheme.
Briefing State House correspondents at the end of the monthly NEC meeting in Abuja, Governor Abdullahi Sule of Nasarawa state said the sector has a potential of adding up to $150 billion to the country’s foreign reserves from non-oil exports over the next 10 years. “The Governor of Jiagawa State, Alhaji Mohammed Badaru Abubakar, presented an update on the activities of the Committee. The report is sequel to the Zero Oil Plan, envisioned in the Economic Recovery and Growth Plan (ERGP) which is developed by the Nigeria Export Promotion Council (NEPC). The plan details the Non-Oil export sector as the last line of defence for the Nigeria Economy. The implementation of the plan is expected to yield results in 3 key areas; add an extra $150 billion to Nigeria’s foreign reserves cumulatively from non- oil exports over the next 10 years; Create 500, 000 jobs annually, lift 20 million Nigerians out of poverty, contributing towards SDG – No Poverty,” he said.
The governor said the non-oil export committee recorded successes like the provision of processing equipment and capacity-building programme on Strategic Products in the Zero Oil Plan such as palm oil, soya beans and ginger in Kaduna, Benue, Ondo, Edo and Imo states. “The other achievements of the Zero Oil Plan to date includes: Non- oil exports (excluding natural gas) have risen from U$1.17 billion in 2016 to US$3.16 billion in 2018 meaning that Strategic sectors identified in the Zero Oil Plan have seen growth. For instance, cocoa exports have risen by $79.4 million since 2017, while sesame exports have also increased by $153 million since 2016 – an increase of more than 100%. The plan has identified the creation of five million jobs to date directly supported by no-oil exports, with efforts underway to increase this by 500,000 new jobs annually in line with SDG 8 – “Decent work and Economic Growth,” he said.
