Nigeria must produce locally and export the products to gain foreign exchange in order to strengthen the depreciating Naira, the President of Chartered Institute of Bankers has said.
This was disclosed in an interview with the media in Ibadan on Monday, according to Punch.
Dr Bayo Olugbemi said that Nigeria relied too much on imported commodities and had very little to export, which is a core reason for the naira’s constant depreciation.
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What the CIBN President is saying
He said that Nigeria needs to diversify into other sectors of the economy and cease depending on oil as a source of revenue and foreign exchange.
He said, “What we need to do to increase the value of naira is to produce goods for export. We have been sending our oil abroad for them to refine and bring it back to us at higher cost. So, we need to start refining it in Nigeria.
“When we refine in Nigeria, we will spend less foreign exchange. When you have few forex chasing goods and services to be imported, of course, the value of the naira will go down. Face the real sector and let’s diversify our forex earner. Let’s go to other sectors of the economy like agric.”
He advised Nigerians, especially farmers and manufacturers to begin to produce high-quality goods and services that will be good enough for exports so as to be able to attract foreign exchange into the country.
“Produce goods and services that will be exported and bring dollars in instead of sending dollars out,” he said.