13 March 2018

Nigeria: How Militancy Affected Oil Output, Revenue

Photo: Premium Times
Niger Delta Militants

The nation has been cautioned to tame militancy as it culminated in a significant drop in output and revenue a few years ago.

Stating this at the just concluded Kaduna International Trade Fair, the Chief Executive Officer, Koinowia Ventures Limited, Mr. Olufemi Boyede, said that the various issues that breed militancy should be addressed.

He also indicated that: "the non-oil sector, has continued to remain the main driver of growth in the immediate-to-medium term hence, at the inception of President Buhari's administrations, the government immediately adopted an adjustment strategy that hinges on combating corruption and shoring up non-oil revenues to compensate for dwindling oil revenues. The reality and imperative of diversification therefore became clear.

"This is why Government, in 1986, introduced about 18 different incentives to support exports. However, as of today very few are operational.

"In recognition of its mandate to formulate and implement policies and instruments to grow Nigeria's non-oil exports, the Nigeria Export Promotion Council has recently produced and is currently validating a "New Basket of Export Incentives" for Nigeria."


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