Nigeria earned ₦6.5 trillion in non-oil exports over three years from December 2017 to December 2020, according to data from the National Bureau of Statistics.
This amount is ₦5.8 trillion less than the ₦12.3 trillion ($30 billion) target set by the Federal Government as part of its zero-oil strategy.
The Nigerian Promotion Council devised the Zero Oil Plan (a key component of the Federal Government’s Economic Recovery and Growth Plan) in the fourth quarter of 2016, to increase non-oil exports’ contribution to Nigeria’s GDP by 20%.
The plans’ goal, according to the NEPC’s 2016 annual report, is to “create at least a minimum of 40 – 50 per cent of Nigeria’s earnings through non-oil export”. The report also revealed that non-oil foreign exchange was expected to grow to $30bn by 2020.
The $30 billion was to be earned from 11 strategic export products with significant financial value to replace oil, such as petrochemicals, palm oil, cocoa, soybeans, and rubber. When converted to naira at the current official currency rate of ₦411/$, the $30 billion aim represents ₦12.3 trillion.
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The report read, “The Nigerian Export Promotion Council launched the Zero Oil Plan, a medium and long term strategy aimed at diversifying the economy from oil. Zero Oil Plan has become a key component of the Economic Recovery and Growth Plan”.
“The focus is to generate at least a minimum of 40 – 50 per cent of Nigeria earnings from non-oil export. The plan was presented to different states, development partners and donor agencies and has been widely accepted. The overall targets set for the zero oil plan include: to grow non-oil foreign exchange from $2.7bn bases to $30bn by 2020″.
Non-oil exports contributed ₦629.9 billion in 2017, or 4.6 per cent of overall exports of ₦13.6 trillion, according to a breakdown of non-oil exports for the review period.
Only ₦1.9 trillion was made through non-oil exports in 2018, out of total export of ₦18.5 trillion. Non-oil exports contributed ₦2.5 trillion of the total ₦19.2 trillion in exports recorded after the year. Nigeria’s non-oil exports generated ₦1.4 trillion in 2020, accounting for only 11.4% of the country’s total export value of ₦12.5 trillion.