While Nigerians express their concerns about the depreciated value of the Naira against the dollar, the Nigerian Export Promotion Council (NEPC) has proposed a potential solution.
The executive director of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, believes that Nigeria could change the tide.
He says increasing the nation’s export capability is the key to stopping the Naira’s free fall versus the dollar.
The Naira, currently selling at over ₦1000/$, has continued to rise and fall on the investors’ and exporters’ window, following the unification of the exchange rate market in May by the current administration.
The Solution
Addressing reporters in Abuja on Thursday, September 28, the Executive Director explained that an increase in Nigeria’s non-oil exportation would result in a stronger value for the Naira in the international market.
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He said: “If you look at what is happening, the naira is about a thousand to dollar and the only way to stop the challenge is to stop the naira is through exportation
“The only way to halt the depreciation of the naira is through expanding exports. When you export, you add value and your currency gains strength.
“There is no other way.
“Non-oil export is the only sustainable source of foreign exchange and when you export, there are various benefits that are accurate to the economy.
“When you export you provide employment, create industries and you add value.
“So if there is any time we need to build a sustainable national economy through non-oil exportation, the time is now”.
Also, Yakusak said the theme for the second National Conference on Non-Oil Exports is: “Building a Sustainable National Economy through Non-Oil Export”.
The NEPC boss stressed that the event was slated to take place in Abuja from October 4 to 5, 2023.
It intends to bring together stakeholders from the public and commercial sectors.
They will discuss methods to improve the nation’s export capability in order to further support the value of the Nigerian currency.
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