Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC), has underscored the significance of strengthening the country’s export capabilities as a means to curb the ongoing depreciation of the naira against the US dollar.
As reported the naira has experienced fluctuations, trading at over N1000/$, especially on the investors’ and exporters’ window, following the exchange rate market’s unification in May, initiated by the current administration.
During an interview with journalists in Abuja on Thursday, the Executive Director highlighted that increasing Nigeria’s non-oil exports would lead to a more robust naira value in the global market.
Yakusak stated, “If you look at what is happening, the naira is about a thousand to the 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.”
Yakusak further announced the upcoming Second National Conference on Non-Oil Exports with the theme “Building a Sustainable National Economy through Non-Oil Export.” The event is scheduled for October 4 to 5, 2023, in Abuja and aims to bring together stakeholders from the public and private sectors to discuss strategies for enhancing Nigeria’s export capacity, ultimately strengthening the value of the Nigerian currency.
He noted that the conference would be graced by top dignitaries, including Vice President Kashim Shettima.(Punch)
