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Shrinking Oil Revenue: Association Calls On FG To Diversify Economy

The Executive Secretary of Organised Private Sector Exporters Association (OPEXA) Mr Jaiyeola Olarewaju has called on the Federal Government to diversify the economy in view of dwindling oil revenue.

This is contained in a statement signed by Olarewaju and made available to newsmen yesterday in Abuja. `

` We are convinced that the only way out for the country to disentangle itself from the shackles of mono- economy is to diversify its export.

“Nigeria could easily double its agricultural output over the next 15 years by introducing some simple reforms.

“There is ample evidence to show that the government’s policy to boost the non-oil export has yielded some positive results,’’ the statement quoted him as saying.

Olarewuja said that many companies had invested in export processing factories to add value to primary products.

According to him, non-oil exports have shown remarkable growth from 1.0 billion dollars in 2006 to about 3.0 billion dollars in 2013 in foreign exchange.

“The bulk of non-oil exports which are agro-allied employ over 11million Nigerians directly and indirectly. It has boosted agricultural income,’’ he said.

He said that OPEXA was an association made up of membership that cuts across the real sector, comprising manufacturing and agriculture production and processing activities.

“OPEXA was formed to collaborate with the Federal Government, its agencies and other private sector organisations to further boost the expansion of non-oil exports; we intend to dedicate ourselves solely in public advocacy.

“Our activities would assist in strengthening the inconsistency in implementing the government policy on non-oil exportation,“ he said.

The Executive Secretary also lament on some factors that were negatively affecting the non-oil sector in particular and the economy in general.


– Pascal Emeka, Abuja

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