Olugbemi Ojo: Non-oil export projects will generate 20mn jobs for Nigeria

Nigeria is poised to drive non-oil export projects that could potentially create up to 20 million jobs in the country, according to Olugbemi Ojo, Executive Director of Lakinberg LLC. Ojo's insights were shared during the Zenith Bank International Trade Seminar, which highlighted Nigeria's readiness to tap into the opportunities presented by non-oil exports. The implications of this ambitious project extend far beyond just job creation, impacting macroeconomics, foreign reserves, employment rates, and even national security. Ojo emphasized that by focusing on non-oil exports, Nigeria can significantly boost its economy, reduce the cost of governance, and enhance its global competitiveness. One of the key points raised by Ojo during the seminar was the potential macroeconomic impact of non-oil export projects. By diversifying its exports beyond oil, Nigeria can create a more robust economy, generate revenue in US dollars, and lessen its dependence on the oil market. This shift could lead to a stronger NIRA as the influx of US dollars from exports helps stabilize the local currency. Additionally, Ojo highlighted the significant ripple effect that job creation through export projects can have on the economy. As more Nigerians are employed in various export-related industries, there is a reduction in unemployment rates, leading to a more stable labor market and potentially lower crime rates. By taking idle individuals out of the labor market and providing them with employment opportunities, non-oil export projects can contribute to a more secure and prosperous society. Furthermore, Ojo discussed the African Growth and Opportunity Act (AGOA) and its potential for Nigerian exporters to access the US market. AGOA provides African countries with duty-free access to sell their goods and services in the United States, offering a cost-effective opportunity for Nigerian exporters to expand their market reach. Ojo emphasized the importance of following AGOA guidelines and structures to ensure seamless access to this valuable trade agreement. In conclusion, Ojo's insights shed light on the transformative power of non-oil export projects in Nigeria. By harnessing the potential of non-oil exports, Nigeria can create millions of jobs, boost its economy, and enhance its global trade relationships. The Zenith Bank International Trade Seminar serves as a catalyst for driving these initiatives forward, signaling Nigeria's readiness to capitalize on the vast opportunities presented by non-oil exports.