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General News of Thursday, 25 November 2021


Nigeria on course with economic diversification - Osinbajo

Vice President, Yemi Osinbajo Vice President, Yemi Osinbajo

Vice President Yemi Osinbajo has stated that the country is on the right path to economic diversification with the zero-oil actively promoted by the Nigerian Export Promotion Council.

He made the statement on Thursday, November 25, 2021, while receiving a delegation from the NEPC led by its outgoing Executive Director/CEO, Segun Awolowo at the presidential villa.

Osinbajo said, “We are set on the right path and I like the fact that we are focused on non-oil exports, and we are facing the challenges and we are facing them head-on.

“In the next few years, those of us who are policymakers and looking at the future, must, today, have a plan. In fact, we have set ourselves on an inevitable course of a zero-oil plan.”

He also lauded the outgoing NEPC CEO for his foresight, adding that, “I want to commend you for your foresight for putting in place a plan that is very well-structured and detailed.

“It is very important to note that we are certainly getting away from the oil and gas era. In the past, we used to think that it will still take a while but today, with the circumstances and all of the various factors around the world less dependence on oil, Climate Change, and COP, it is inevitable.”

Addressing the efforts put in place by the NEPC to make sure that the objectives of government were met, Osinbajo noted that “the Export Expansion Facility Programme is a natural progression for the Zero-Oil Plan.”

“If you say you have a zero-oil plan, then you must have a way of improving exports in particular because oil is our major foreign exchange earnings. So, if you are going to replace it, then you must have a robust plan, and I think that the EEFP is an incredibly wide door for exports in our country.”