The National Economic Council has adopted a zero oil plan to make the Non-Oil export sector take centre stage in driving the economy.
The Council meeting on Thursday under the lead of Vice President Yemi Osinbajo, agreed to set up a state Export Development Fund.
The Central Bank of Nigeria (CBN) has invested a Fifty billion Naira debenture in a zero oil plan to be disbursed by the Nigerian Export Import
Bank
It is a policy conceptualized and developed by the Nigeria Export Promotion Council (NEPC), in the Economic Recovery and Growth Plan to reduce
Nigeria’s dependence on crude oil.
Records to go by show that non- oil exports have risen from 1.17 billion US Dollars in 2016 to 3.16 billion US Dollars in 2018
At the council meeting, the Vice President also shared the cheering news that Nigeria has crossed the 3 year milestone without recording a case of WILD POLIO VIRUS (WPV)
It is a record Council is determined to maintain and it is looking at improving the quality of the campaigns in order to prevent any case of infection especially in the North East
There is also a need to overcome some challenges that might stall Nigeria’s certification as polio free
The Council agreed with a report that MACROECONOMIC ENVIRONMENT of the country had shown SIGNIFICANT GROWTH STABILITY since it came out of the
recession
Despite the recorded growth, the balances of the excess crude account have dropped to 95,329 million dollars
Likewise, Funds accruing to the Natural Resources account dropped to 95 point 89 billion Naira
The closing balance for the stabilization account stayed steady at 21.72 billion Naira
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