Here is the Press Release.
Dangote Group supports plan to diversify Nigeria’s exports away from oil:
A new milestone was reached this week, with the presentation of the national ‘Zero Oil’ plan to senior leadership of the Dangote Group, in line with the current administration’s agenda of restructuring the economy to no longer depend on crude oil exports. This engagement by the Nigeria Export Promotion Council (NEPC) is part of a nationwide roadshow to engage stakeholders and investors on the government’s vision of making Nigeria’s overdependence on crude oil, a thing of the past.
The Dangote Group is Nigeria’s largest conglomerate, and also one of the nation’s highest earners of non-oil foreign exchange. The Group already distributes goods produced in Nigeria across West and Central Africa, and has set its sights on more growth in markets beyond. Mr Segun Awolowo, EDCEO NEPC, presented the ‘Zero Oil’ plan to the Dangote Group, emphasizing the use of exports as a core driver of – job creation, increased investments, growth in government income, and better macro stability (through more foreign exchange inflows). Nigeria’s interventions to boost the supply of foreign exchange (i.e. through exports), will augment other actions that reduce foreign exchange demand. The economic miracle seen in East Asian countries, in a single generation, was anchored primarily on the growth and diversification of exports in those markets. The Nigerian government plans to achieve the same in a shorter period.
The Zero Oil plan has set a long term goal of earning 20 percent of Nigeria’s GDP (i.e. US$100 billion) from non-oil exports. The initial target however is to exceed US$30 billion annually in non-oil exports over the next 10 years (starting from US$5 billion today). The Dangote Group presents a strong example to corporate Nigeria as the Group continues to invest heavily in a number of strategic sectors central to Nigeria’s export diversification plans – including Petrochemicals, Sugar, Cement, amongst others.
In attendance at the presentation were, Alhaji Aliko Dangote (President Dangote Group), Olakunle Alake (COO Dangote Group), Mr Segun Awolowo (ED/CEO NEPC), and others.
Many oil exporting countries have recently introduced national plans to stop their over-dependence on oil, most recently Saudi Arabia. The Zero Oil plan articulates Nigeria’s commitment to its own export diversification. The NEPC’ continues its nationwide roadshow to build a Nigerian economy no longer dependent on oil exports. This will include consultations with major investors, trade associations, small businesses, State governments, and foreign missionspartners.