The Sun/ by Amaechi Ogbonna
There is a gradual shift from the West to the East as India is now Nigeria’s leading trade partner with oil and non-oil exports hitting N1.8 trillion.
The United States of America, which used to be Nigeria’s leading trade partner, particularly in the oil sector, has ceased buying oil from Nigeria as they now produce 8.5 million barrel of oil daily.
The Federal Government, as a result, said it would be expanding its non-oil export base through the Nigeria Export Promotion council, (NEPC) with focus on diversifying its economic base beyond the oil sector.
Olusegun Aganga, the Minister of Industry, Trade and Investment during a public presentation over the weekend, said government has rolled out an industrial policy that would expand its non-oil base and advance the country economically.
He explained that the Nigerian Industrial Revolution Plan(NIRP)is leveraging on where Nigeria has competitive advantage, while dropping attention from the oil sector and shifting attention to industrialsiation where Nigeria has comparative advantage.
According to Aganga, “Government through its industrialisation policy has attracted various investments in the country in the last four years. For instance, Dangote investment of $16 billion, Flour mill investment of $1.2billion, Indorama in fertilizer investment of $1.2 billion and $1.4 billion investment in ethanol. GWC $1.2 billion in petro-chemicals”…….[Read more]
