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How FG Lost N30 Trillion in 2 Years

The Director-General of the Nigeria Export Promotion Council (NEPC), Mr. Segun Awolowo, disclosed that Nigeria lost over N30 trillion, the equivalent of $100 billion, to the fall in the price of crude oil in the last two years.

He stated while briefing State House correspondents at the end of Thursday’s National Economic Council (NEC), presided over by Vice-President Yemi Osinbajo in the Presidential Villa, Abuja.

According to him, in view of the drastic fall in oil prices, NEPC conceived what it tagged a “zero oil plan” with the aim of generating $30 billion from non-oil revenue sources in the near medium term.

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He said the objectives of the zero oil plan are to add $150 billion to Nigeria’s foreign reserves in the next 10 years, create 500,000 jobs, alleviate poverty and get the states of the federation integrated into the export value chain.

He also said sources of exports would come from food crops such as rice, wheat, corn and palm oil, among others, which he added would be exported to places such as France, Spain, Italy, and the like.

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