The Nigerian Employers’ Consultative Association (NECA) has called on the Nigerian government and stakeholders to focus on trade and non-oil export, as this would help to diversify the economy and make it less reliant on oil leading to increased foreign earnings, investment, job creation, and debt reduction.
The President of NECA, Mr Taiwo Adeniyi, stated this during the ongoing Nigeria Employers’ Summit 2023 in Abuja with the theme, “Trade and non-oil export. Changing the narrative for rapid natural development.”
Adeniyi said that given the volatility of the global crude oil market from which Nigeria generates its major source of income, it is important for the country to diversify its economy.
He added that the overall outcome of the project is the provision of employment opportunities and the promotion of national development.
The Director General, of NECA, Adewale Smatt-Oyerinde said that the promotion of trade and non-oil exports is a more sustainable way to generate revenue.
Oyerinde said that Forex Issues are a major problem for the country and they have a negative impact on trade balance, the ability to support businesses and the ability to expand and create jobs.
“For us, as an organization, it is very important to get the government to refocus its attention on trade and non-oil exports. By focusing on non-oil exports, the government can help to reduce its risk exposure and ensure a more stable source of revenue,” he said.
The President African Development Bank, Akinwunmi Adesina who was represented by the Director General of the Nigeria Country Office for AFDB, Lamin Barrow urged the Nigerian government to mobilise the private sector for infrastructure development and service delivery to reduce fiscal burdens.
‘‘Providing reliable and affordable energy services will make Nigerian businesses more competitive and help accelerate the country into a regional and global supply chain,’’ he said.
According to Barrow, Nigeria should invest massively in renewable energy generation, especially solar energy, leveraging the platform of the 25-billion-dollar desert-to-power initiative in providing electricity to 250 million people across the Sahel including the northern part of Nigeria.
Dominica Nwabufo
