Increased Export Will Stop Naira From Further Depreciation – NEPC

Posted by African Examiner Business News, Latest Headlines Friday, September 29th, 2023

(AFRICAN EXAMINER) – The Nigerian Export Promotion Council (NEPC), says that improved export remains the solution to the free fall of the Naira to the dollar.

The Executive-Director of NEPC, Dr Ezra Yakusak, said this at a news conference heralding the Council’s second National Conference on Non-Oil Exports.

According to Yakusak, with increased export from Nigeria, the Naira will gain value at the international market.

“The only way the Naira will stop falling is through increased exports.

“When you export, you add value and your currency gains weight,” he said.

Yakusak said that the need to increase the country’s export capacity necessitated the NEPC to organise the second National Conference on non-oil exports.

According to him, the conference, with the theme “Building a Sustainable National Economy through Non-Oil Exports”, is scheduled from Oct. 4 to Oct. 5 in Abuja.

“It is expected to bring stakeholders from the public and private sectors to brainstorm on ways to further improve the country’s export capacity,’’ Yakusak said.

He added that the theme of the event reinforces the need to keep the conversation on the revitalisation of the economy on the front burner.

“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 regards, consistent stakeholder engagement, using the conference as a pivot for galvanising policy makers, economic pundits, development partners and more importantly, the exporting community is key to proffering solutions to some of the challenges affecting the sector.

“This is especially in the area of trade facilitation, access to affordable finance and the issue of infrastructural deficit,’’ Yakusak said. (NAN)