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Nigeria Generates Over $3bn From Non-oil Export
The Nigerian Export Promotion Council has said that the country exported non-oil products worth $3.455bn in the 2021 fiscal year. The Executive Director, NEPC, Mr Ezra Yakusak, who said this while speaking at a seminar organised by the council in Owerri, Imo State, added that it was an increase from $2.21bn generated in 2020. Yakusak,…
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CBN Introduces Initiative To Generate $200bn
The Central Bank of Nigeria has introduced a new initiative to generate $200 billion from non-oil exports and increase foreign reserves. The initiative ‘Race to $200 billion in FX Repatriation (RT200FX) Programme’ will stimulate non-oil exports with a $200 billion FX income target in the next three to five years, according to the apex bank.…
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Non-oil Exports Rise By 205% In Five Years
Nigeria’s non-oil exports rose from N458.6bn recorded between January and September 2017 to N1.4tn within the same period of 2021. According to an analysis of data from the National Bureau of Statistics, within the five-year period, non-oil exports rose by N942bn or 205 per cent. Breakdown Analysis A breakdown of non-oil exports within the period…
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Nigeria Suffers N5.8tn Shortfall In Non-Oil Export
Data from the National Bureau of Statistics have shown that between December 2017 to December 2020, Nigeria has generated a total sum of N6.5 trillion from non-oil exports. This sum is N5.8 trillion lower than its N12.3tn ($30bn) target set by the Federal Government under its zero-oil plan. In 2016, the Nigerian Promotion Council conceived…
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Non-oil Sector Driving Nigerian Economy
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has said the Nigerian economy is currently being driven by the non-oil sector. Ahmed said this when she led officials of her ministry to hold a meeting with the leadership of the National Assembly over the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper.…