The recent report on the Nigerian Economy citing a Foreign Exchange earnings of over $18 Billion from Non Oil Exports over the last 7 Years has been described as heart warming but not good enough.
Dr Bamidele Ayemibo Lead Consultant of 3T Impex Trade Company made this disclosure while speaking on the growth of the Non Oil Sector in the last 7 years.
Dr Ayemibo said though the news is cheering, it is not good enough adding that Nigeria’s Non-Oil Sector can do a whole lot much better than the figures released.
He said the Nation can do a whole lot more by concentrating more on Value Adding products like Fertiliser unlike the current situation where almost all the products on the list of those bringing in the biggest Non Oil revenue are Sesame Seed and Ginger which are primary products.
He said when Nigeria as a nation celebrates the kind of achievement of raising revenue of $18 Billion over 7 years, it will be like a lowering of the bar from what can be achieved which is far greater.
On what can be done to raise the Non Oil Sector Revenue, He said one major area is the export of Urea Fertiliser which is in high demand across the World.
According to him, the main Source of Raw material is the crude Oil which Nigeria has in abundance adding that the coming on board of the Dangote Fertiliser company to join the Eleme Petrochemical Company which is the current biggest producer will ensure the nation gets more benefits from Non Oil Sector revenue.
He said progress has been made but Nigeria should aim for considerably higher.
He disclosed that more companies are coming onboard to boost production and as a consequence exports.
He said the fact that it is a Value Adding product ensures that it creates employment opportunities for Nigerians thereby aiding Economic growth.
On the One State, One Product initiative, he described it as a very good Policy but expressed his reservations about the acceptance and the Buy in of Communities across the country.
He described the current practice of monthly allocation as a dis-incentive to the embrace of the Policy by States and Communities across the Country.
He advocated for States to partner with private Sector operators to develop any sector where they are good and make it a revenue and employment generating one for the State.
He disclosed that this kind of relationship if sustained and developed will ensure that it is a win win situation for States with employment and revenue generated for the residents and governments of State.
On what can be done to make processed products better and stand shoulder to shoulder with Other products from across the World, He said products must have 3 things seriously namely Export Readiness, Packaging and Quality.
He added that any product that fails this tests will be ignored while Other better packaged products get more attention and patronage.
He disclosed that Nigerian companies can overcome quality, packaging and Export readiness by using a Central Packaging Location where processing, packaging and quality assurance is handled while being able to face other more pressing issues in operation.
He urged the incoming Federal Government to use the Nations’ Research Institute to support Financing of Exports locally and decrease the risks that Local Banks are exposed to.
He urged government to make deliberate efforts to implement Policies that will ensure that investors pour into the nations’ Non Oil Sector and make more Value Add Products that will enhance Revenue and Employment for Nigerians.
He said Value Addition to products before export will help in bringing in more Revenue for Nigeria citing the example of Cashew Nuts that has not been processed and the one processed with a container each of the two for unprocessed bringing in just about Twenty Thousand Dollars with the processed bring in about one hundred and Fifty Thousand Dollars.