At the 11th National Economic Outlook in Lagos, the Central Bank of Nigeria (CBN) encouraged businesses to view the weakened naira as an opportunity rather than a challenge.
At the meeting, CBN’s deputy governor for economic policy, Muhammad Abdullahi, highlighted that Nigeria’s unified exchange rate and efforts to stabilise the naira could open new doors for businesses.
While a weaker naira increases the cost of imports, it makes Nigerian products more competitive and attractive to international markets.
Furthermore, Abdullahi advised businesses to consider sectors with strong export potential, such as agriculture, manufacturing, and the creative industries.
He also recommended that businesses focus on increasing domestic production and adding value to products, shifting from raw material exports to processed goods.
According to Abdullahi, this strategy could help businesses increase foreign exchange earnings.
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In addition, he pointed to the growing creative sector in Nigeria, which includes music, film, crafts, and digital exports, as a largely untapped market.
Abdullahi urged businesses to explore international markets and digital platforms to boost their revenue.
Moreover, the agricultural sector also stands to benefit from ongoing reforms, lower inflation, and better access to financing.
Abdullahi suggested that businesses should focus on processed agricultural exports to enhance foreign exchange earnings.
Also, he noted that Nigeria’s fintech sector, driven by rising mobile money usage and financial inclusion, would continue to contribute to economic development.
Furthermore, the president of CIBN, Pius Olanrewaju, reflected on the challenges and opportunities of 2024.
Finally, he urged businesses to adapt to the changing economic landscape.
