NEPC Advocates More Exports To Tackle Decline In Value Of Naira
The Nigerian Export Promotion Council (NEPC) on Thursday said that an increase in the country’s export base is the best way to improve the value of the naira.
The Executive-Director of NEPC, Dr Ezra Yakusak, who said this in Abuja called on stakeholders in the non-oil sector to support the council in tackling the challenges affecting trade.
Yakusak said these on Thursday ahead of the NEPC second national conference on non-oil export with theme “Building a sustainable national economy through non-oil export.”
The liquidity challenge in the foreign exchange market has pushed the naira to exchange at almost N1,000 to the dollar at the parallel market.
Yakusak said with increase in non oil export, it will help to tackle the liquidity challenges currently being experienced in the foreign exchange market in Nigeria
He said, “The only way the Naira will stop falling is through increased exports. When you export, you add value and your currency gains weight.
“Expediency dictates that the vagaries and vulnerabilities around oil which has placed uncertainties on what future it beholds, means that Nigeria must seek other ways of diversifying her economy.
“In this regard, consistent stakeholder engagement, using the conference as a pivot for galvanizing policymakers, economic pundits, development partners and more importantly the exporting community is key to proffering solutions to some of the challenges affecting the sector, especially in the area of trade facilitation, access to affordable finance and the issue of the infrastructural deficit.”