Increased Non-Oil Export Will Halt Naira Depreciation

The Executive Director of the Nigerian Export Promotion Council, Ezra Yakusak, has revealed that the key to stabilising the free fall of the naira against the dollar lies in enhancing the country’s export capacity.

The naira currently selling at over N1000/$ 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.

But speaking with journalists in Abuja on Thursday, the Executive Director explained that an increase in Nigeria’s non-oil exports would result in a stronger value for the naira in the international market.

He said, “If you look at what is happening, the naira is about a thousand to dollar and the only way to stop and challenge is to stop the naira is through export.

“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 export, the time is now.”

Speaking further, Yakusak announced the second National Conference on Non-Oil Exports themed “Building a Sustainable National Economy through Non-Oil Export.”

The NEPC boss emphasised that the event scheduled to take place from October 4 to 5, 2023, in Abuja, aims to convene stakeholders from both the public and private sectors to deliberate on strategies to enhance the country’s export capacity to further bolster the value of the Nigerian currency.

He added that the Vice President, Kashim Shettima amongst other top dignitaries will grace the occasion.