Nigeria Lost $ 30bn Oil Revenue In One Year – NEPC Boss

A whopping amount of $ 30 billion in oil revenue was lost by Nigeria between 2014 and 2015 , the Executive Director , Nigerian Export Promotion Council ( NEPC ) , Olusegun Awolowo , has disclosed .

Mr . Awolowo stated this in Abuja at the batch 3 graduation ceremony of 38 Zero to Export Capacity Building Programme beneficiaries .

He said : “ There is no doubt that the essence of our gathering today underscores the crucial role that non -oil export sector is expected to play in the present administration’s effort at diversifying the Nigerian economy away from over reliance on oil as its mainstay , especially now that the continuous fall in price of oil has thrown the world in recession .

“ Recent developments on global market have triggered a wake -up call on the need for us to accelerate the diversification of our economy , moving away from over dependence on oil as our main source of revenue.

“ Since reaching a peak in June 2014 , the price of crude oil has fallen roughly by 60 per cent . Nigeria lost $ 30 bn in oil revenue between 2014 and 2015 .

“ NEPC will continue to encourage Nigerians to take advantage of the diversification process of the federal government through the promotion of non – oil export activities ” .

Awolowo , however , said the NEPC would continue to create opportunities for Nigerians to imbibe the culture of exportation through capacity building and training programmes .

Leave a Reply

Your email address will not be published.

×
%d bloggers like this: