Cambridge-Africa

How Nigerians in the Diaspora Can Help Rebuild Economy

10 August 2017

The Nigerian government aims to replace oil as the major national exchange earner by growing non-oil exports to $30 billion in the next 10 years and eventually attain 20 percent of non-oil exports to GDP or approximately $100 billion annually based on its Zero Oil Plan.

Data sourced from the Nigerian Export Promotion Council (NEPC) showed that Nigeria's oil revenue has been dipping in the last few years, dropping from $2.7 billion in 2014 to $1.6 billion in 2015. Nigeria eventually sank into recession in 2016 and there are mixed projections on whether or not the country can exit the economic meltdown this year.

To bridge the revenue gap from plummeting oil incomes, the Federal Government is now focusing more on non-oil exports as oil export is increasingly becoming unattractive for the Nigerian economy. The NEPC has announced a plan to leverage on the 15 million Nigerians living in countries where the Federal Government has diplomatic missions to grow non-oil exports.

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