The federal government has said it plans to add $150 billion to the nation’s foreign reserves cumulatively from non-oil exports over the next few years.
Minister of state, budget and national planning, Prince Clem Agba, gave the assurance in Abuja yesterday during a press briefing on the forthcoming Nigerian industrialisation summit slated for Abuja from November 15 -18, 2021.
Agba said the government would also create at least 500,000 additional export-linked jobs annually due principally to increase in productive export activities.
The minister said: “These efforts/Initiatives therefore, would unlock the potential of each state in the development and promotion of at least one crop for export”.
Represented by his special assistant, Mr Sam Ekwueme, Agba said the special-industrial processing zones, an initiative of the African Development Bank (AfDB) will help to promote non-oil revenue generation and zero-oil economy plan, optimising agro-value chain and continuous use of local content for economic prosperity at the national and sub-national levels.
“The zero-oil plan can now be sustained by the special agro-industrial processing zones (SAPZ) for the 36 states and FCT guaranteed by federal government of Nigeria and non-sovereign organisation window NSO for the private sector, also by AfDB which Madewell Garment Limited, promoters of Jesse Export Processing Zones and Anchors is leveraging to drive the private sector of our economy.
“The Private sector has capacity if pursued with desired commitment by the Public and Private Sector to provide 25 million permanent employment and 25 million housing”, he added.
Earlier in his remarks, President of Development Bank, Dr Akinwumi Adesina commended the federal government’s plan to lift 100 million Nigerians out of poverty by 2030, even as he assured of the bank’s commitment to help the government actualise its aim.
The AfDB president who was represented by his Senior Special on Industrialisation, Prof Oyebanji Oyeyemi, noted that no nation has made remarkable progress, sustained growth, without industrialisation.
According to him, Nigeria is not an oil rich country, but oil dependent, adding “this is the cause of our present crisis. We should apply what other countries have done and succeeded”.