Lagos, June 27, 2023: The Nigeria Employers\u2019 Consultative Association (NECA) has advocated the need for the country to articulate a definite roadmap to diversify the economy toward non-traditional tradable goods and services.<\/p>\n\n\n\n
The association\u2019s Director-General, Mr Adewale Oyerinde, made the call at a news conference on Monday in Lagos.<\/p>\n\n\n\n
The conference was held in preparation of the association\u2019s 2nd Annual Employers\u2019 Summit, scheduled to hold in Abuja between July 10 and July 11.<\/p>\n\n\n\n
Oyerinde said such roadmap would not only guarantee long term economic stability, but would also ensure sustained job creation and Foreign Exchange generation.<\/p>\n\n\n\n
\u201cFurthermore, aggressively transiting into non-oil export and exportable service activities will allow Nigeria to take advantage of the rising income elasticity of demand that derives from growing income in the world economy,\u201d Oyerinde said.<\/p>\n\n\n\n
The NECA boss, who quoted the National Bureau of Statistics, said that Nigeria was ranked 52nd in global export in 2018 with 0.25 per cent share of world export.<\/p>\n\n\n\n
He said, according to NBS, export trade of Nigeria was recorded at N26.8 trillion in 2022, while import trade was N25.7 trillion with a trade balance of N1.21 trillion for the same year.<\/p>\n\n\n\n
\u201cNon- oil sector stood at N2.57 trillion in 2022 with a growth rate of growth 19.6 per cent for the whole year; share of oil export to total export was recorded at 76.74 per cent in 2022<\/p>\n\n\n\n
\u201cThe share of non-oil to total export stood at 9.54 per cent in 2022; contribution of oil sector to Gross Domestic Product (GDP) is 5.67 per cent in 2022, and non-oil sector contribution to GDP is 94.33 per cent the same year.<\/p>\n\n\n\n
\u201cWith these realities, it is obvious that we need trade and non-oil exports not only to drive the economy but also to shore up FOREX to augment the current shortage.<\/p>\n\n\n\n
\u201cIn fact, our options are limited; we must refocus on non-oil exports to change our national economic narratives,\u201d Oyerinde said.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Lagos, June 27, 2023: The Nigeria Employers\u2019 Consultative Association (NECA) has advocated the need for the country to articulate a definite roadmap to diversify the economy toward non-traditional tradable goods and services. The association\u2019s Director-General, Mr Adewale Oyerinde, made the call at a news conference on Monday in Lagos. The conference was held in preparation […]<\/p>\n","protected":false},"author":2,"featured_media":20596,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[13],"class_list":["post-51133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-economy","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n