LAGOS, Nigeria (VOICE OF NAIJA) –Ezra Yakusak, the executive director of the Nigerian Export Promotion Council, revealed that increasing the nation’s export capability is the key to halting the naira’s continuous fall against the dollar.
Recall voiceofnaija.ng reports naira currently selling at N1000/$ and 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 Executive Director had on Thursday in Abuja explained to Journalist 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.
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“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.