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

A whopping amount of $30billion 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 $30bn 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.