Nigeria’s foreign reserves to increase by $150 billion in 10 years – FG
The Federal Government of Nigeria has disclosed that the country’s foreign reserve is expected to increase by $150 billion in the next 10 years through the Zero Oil Plan initiative.
This cheering news was contained in the report presented to the National Economic Council (NEC), chaired by the Vice President, Prof. Yemi Osinbajo, on Friday.
The report further reads:
‘The latest announcement by NEC to build reserves by $150 billion in 10 years represents a review against an earlier statement credited to the Executive Director of the Nigerian Export Promotion Council, Olusegun Awolowo, that Nigeria has 22 products that will attract $150 billion into the country in 20 years.’
At the NEC meeting, the Governor of Jigawa State, Alhaji Mohammed Badaru Abubakar, speaking on behalf of the Committee on Export Promotion, disclosed that the Zero Oil Plan envisioned in the Economic Recovery and Growth Plan (ERGP) will add at least an extra $150 billion to Nigeria’s foreign reserves cumulatively from non-oil exports over the next 10 years.
The Committee also stated that the Zero Oil Plan would provide 500,000 jobs annually for the country, with 20 million Nigerians out of poverty.
Specifically, the Nigerian Export Promotion Council (NEPC) introduced the Zero-Oil Plan in October 2016, during the nadir of the oil price slump. It was basically an effort to mobilise public and private resources towards boosting the country’s meagre non-oil exports.
While providing further updates on the achievement so far through the Zero Oil Plan, Abubakar stated that non-oil exports (excluding natural gas) had risen from U$1.17 billion in 2016 to US$3.16 billion in 2018, and this means that Strategic sectors identified in the Zero Oil Plan have seen growth.
It was further disclosed that 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.