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Nigeria diversifying from oil – Osinbajo

Nigeria is increasingly focusing on non-oil exports, according to Vice President Yemi Osinbajo.

According to him, the Nigerian Export Promotion Council’s (NEPC) zero-oil plan confirms the country’s economic diversification route.

On Thursday, Osinbajo addressed the NEPC delegation, which was led by Segun Awolowo, the outgoing Executive Director/CEO.

The vice president stated that the country is on the right track and praised the focus on non-oil exports.

The Senior Advocate of Nigeria (SAN) told policymakers to ensure that in the next few years, the zero-oil plan is achieved.

Osinbajo hailed Awolowo for his foresight and putting in place a plan that is well-structured and detailed.

“We are certainly getting away from the oil and gas era. We used to think that it will take a while, but today, the circumstances have changed.”

Osinbajo added that public investments from the European Union (EU) and multilateral oil and gas companies are fizzling out.

The VP noted that the Export Expansion Facility Programme (EEFP) is a natural progression for the zero-oil plan.

He advised stakeholders to brace up for the challenges ahead and ensure that the right things are done.

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