The Nigerian Export Promotion Council (NEPC) says the country can explore the huge potential of the services sector, adding that it can generate about $5 billion foreign exchange for the country.
The Executive Director of NEPC, Dr Ezra Yakusak, stated this Wednesday in Abuja at the first national conference on international trade-in-services organised by the council.
He said, “The services sector has huge potential that if properly harnessed can even earn the country more than the $4.8 billion gotten from products export. So, we are looking at an average $5bn from the services sector by next year because it is too early to get that amount by this year since we are just starting.”
He said the conference is pivotal to the agency’s mandate as it will draw out a roadmap and recommendations which it intends to implement to the latter.
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Speaking further, he noted that, “Services sectors are a major part of the global economy, generating more than two-thirds of the global Gross Domestic Product (GDP), attracting over three-quarters of foreign direct investment in advanced economies, employing the most workers, and creating most new jobs globally.
“This is why the council came up with initiatives to identify and highlight the potential of exportable services in the sector that could be packaged and marketed regionally and internationally in a purposeful and holistic manner in collaboration with the stakeholders.
“It is also in appreciation of this fact that the council collaborated with the Commonwealth Secretariat and developed a National Services Sector Export Strategy with four sectors identified as priority areas. The sectors are Finance, Information and Communication Technology (ICT), Entertainment (Music & Film), and Education.”
Earlier, the permanent secretary, Ministry of Industry, Trade and Investment, Dr Evelyn Ngige, who was represented by the Director of Trade at the ministry, Mr Suleman Audu, reiterated the commitment of the federal government in exploring export potential in the ministry.
