The Executive Director/CEO of Nigerian Export Promotion Council (NEPC), Barrister Segun Awolowo on Friday unveiled plans towards exploring the abounding opportunities in the petrochemical industry.

Barrister Awolowo stated this during the 2020 budget performance/2021 budget defence held at the instance of the House Committee on Commerce chaired by Hon. Femi Fakeye.

He said: “We were to have a technical session with the representatives from the States, for the National Committee on Export Promotion. It was supposed to be last week but we had to cancel it as the Federal Capital Territory was to host us.

Part of the report that I was to present, which I will share with this committee, is the status report on the 22 products that we selected for the ‘Zero Oil’.

“We were able to track it down: for example, for cashew we were on 170,000 metric tonnes and it has increased now to 220,000MT. This is a new market we have created. We are also processing. Nigeria cannot continue to export raw materials. So, we are processing cashew in different states.

Petrochemicals, for example, with the refinery coming up and that is the greatest reason why we are looking at the ‘Zero Oil’ plan is petrochemical.

“Nigeria is a petroleum economy but we were zero in petrochemical sales which was about $150 billion annually globally. Nigeria was not there.

"The ‘Zero Oil’ plan was strategically taken across the country and we have visited about 26 states and companies. One of the first set of people we sat with Alhaji Aliko Dangote and that was why he was encouraged to go into petrochemicals, and that is why he is building that refinery"

"Just this morning, there was a report; they were asking Aliko about putting his shares on the London Stock Exchange and he said no, that he was not ready for that now".

“On cement, he is looking at export. The two things we discussed with Aliko were petrochemicals and cement, so that Nigeria can have foreign exchange".

“That is the traction we have gain in every sector. I think it is now next week that we are having the meeting, here in Abuja,” Chief Awolowo said.
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