Atiku plans to make the world a market for Nigerian non-oil export – Melaye

The spokesperson for Atiku Abubakar Presidential Campaign, Senator Dino Melaye, says if elected President, his principal would develop the country’s non-oil sector. This, Melaye said is necessary amidst the volatility in the continued reliance on fossil fuels as the main source of government revenue. He stated this in a statement personally signed by him on […]

The spokesperson for Atiku Abubakar Presidential Campaign, Senator Dino Melaye, says if elected President, his principal would develop the country’s non-oil sector.

This, Melaye said is necessary amidst the volatility in the continued reliance on fossil fuels as the main source of government revenue.

He stated this in a statement personally signed by him on Thursday.

He said: “Nigerians will agree with me that there is no better time to drive the development of the non-oil sector amidst the volatility in the continued reliance on fossil fuels as the main source of government revenue as our world is fast transitioning from fossil fuel to renewable and clean energy alternatives. And that is a charge H. E Alhaji Atiku Abubakar, GCON, the PDP Presidential candidate has laid on himself for the betterment of Nigerians.

“In 2012, total exports amounted to N22.446tn. Out of this number, crude oil accounted for N15.531tn while N6.914tn was from non-oil exports. This figure represents 30.8per cent from non-oil exports in that year.

“In the following year, 2013, total exports were estimated at N14.245tn, with oil occupying N11.808 trillion and non-oil, N2.437tn. Non-oil exports shared only 17.11 per cent of the total exports within the year.

“In 2014, total exports were estimated at N17.203tn; crude oil export comprised N12.791tn, while non-oil exports were estimated at N4.412tn. The share of the non-oil exports to the total exports within the year rose to 25.7 per cent but was still less than the 2012’s figure.

“In 2015, total exports dropped to N9.728tn, with crude comprising N8.574tn and non-oil sharing the rest N1.154tn. The non-oil export share that year constituted 11.9 per cent. In 2016, total exports amounted to N8.527 trillion, with non-oil comprising N1.530 trillion, representing 17.95 per cent. Crude oil shared the rest.

“In 2017, total exports were estimated at N13.591tn, but non-oil exports totalled N1.620tn, representing 11.92 per cent. The rest was occupied by crude oil. In 2018, total exports were estimated at N19.033tn; non-oil exports business done that year amounted to N2.786tn, representing a share of 14.64 per cent.

“Also in 2019, total exports reached N19.190tn, with the non-oil export segment comprising N4.052tn, representing 21.12 per cent share of total exports for the year. In 2020, which was characterised by COVID-19 lockdowns and other international restrictions, total exports slowed to N12.429tn, with the non-oil exports standing at N1.328tn, representing a 10.69 per cent share.

“In 2021, the fortunes of the non-oil export sector brightened. Total exports were estimated at N19.057tn, with the non-oil segment occupying N4.194tn, representing 22.07 per cent.

“It is glaring that there is a significant improvement in the non-oil export, however, Nigeria’s non-oil export is insignificant when compared to other nations. Nigeria’s non-oil export earnings are insignificant when compared with other emerging economies.”

Melaye said Abubakar has presented himself as the most qualified and experienced candidate with requisite knowledge to take Nigeria’s non-oil export earnings to an enviable height.

“Under his leadership, the CBN will expand the scope of its new foreign exchange supply strategies and incentives to cover other sources of foreign exchange inflows into the economy. He is also determined to encourage and support exporters through but not limited to grants and incentives. He has numerous plans to make the world a market for Nigerian non-oil export,” the statement added.