From Raji Bello, Sokoto
The over-dependence on crude oil has been identified as a major limiting factor in achieving the nation’s development potentials.
The Managing Director, Nigerian Export and Import Bank (NEXIM), Mr. Roberts Orya made the assertion at the Exporter Enlightenment Forum for North-West zone held in Sokoto recently.
Orya who was represented by the Executive Director Corporate Services, Alhaji Bashir Wali said it was unfortunate that, Africa, in spite of its huge natural resource endowments and possession of over Sixty percent of the world’s total un-cultivated arable land, accounts for less than five percent of global trade and remained a net importer of food with an annual food import of over $40 billion.
His world: “The scenario in Nigeria reflects the African situation.
Nigeria imports over $10 billion worth of food annually and remains one of largest importers of staples such as rice, wheat and fish.
Although, total non-oil receipt rose to $4.5 billion in 2013 from $2.9 billion in 2012, oil revenues has remained dominant accounting for Ninety-five percent of the total earnings,” he stated.
Orya also pointed out that over-dependence on crude oil by Nigeria besides exposing the country to the vagaries of the external markets, has remained a limiting factor in achieving the nation’s development potentials.
“With a GDP of N80.22 trillion, making it the largest economy in Africa and 26th largest in the world, Nigeria has been classified as one of the next economic giants with three other emerging economies
including Mexico, Indonesia and Turkey under the agronomy ‘MINT’ Nigeria however needs to grow at double digits to rank among the 20 largest economies in 2020,” he explained.
Speaking on the achievements of the bank since the inception, he revealed that over N92.5billion has been disbursed and issued guarantees worth $300.5million in support of exporters.
He maintained that the Bank has also sustained about 60,000 direct jobs and generated over $1.3 billion in foreign exchange earnings for the country.
The MD said the forum was aimed at promoting non-oil export development through capacity building and dissemination of pertinent market information among stakeholders and the principal players along
the export value chain.
In his remark, the state Governor Alhaji Aliyu Magatakarda Wamakko noted that Sokoto and neighbouring states were endowed with vast deposits of natural and mineral resources such as Kaolin, gypsum, limestone, phosphate that could be tapped for productive purposes.The Governor who was represented by Secretary to the State government Alhaji Sahabi Isa Gada, expressed hope that NEXIM would come out with far-reaching strategies that would help the state and the
geographical zone to come up with programmes and policies that would ensure diversification of the nation’s economy.
