Nigeria plans to increase its foreign reserve by $150 billion over the next 10 years. This was disclosed by the Executive Director/Chief Executive Officer of the Nigeria Export Promotion Council (NEPC), Mr Olusegun Awolowo.
The NEPC boss revealed that the zero oil plan could improve the nation’s foreign reserve by $150 billion over the next decade if successfully executed.
Awolowo made this statement yesterday at the Policy Development Facility Phase 11 (PDF 11), Non-Oil Export Conference and Awards, which was held in Lagos. He said that the zero oil initiative could create at least half a million additional jobs annually and remove no fewer than 20 million Nigerians from poverty, in line with the United Nations Sustainable Development Goals (SDGs).
According to his statement at the event, “Nigeria has run a mono-product economy for too long. We have been left vulnerable to oil price shocks, the latest of which we are seeing now with the outbreak of the Coronavirus.”