Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC), has emphasized that stabilizing the plummeting value of the naira against the dollar hinges on bolstering the country’s export capabilities.
The naira, currently trading at over N1000 per US dollar, has experienced fluctuations in the investors’ and exporters’ window since the exchange rate unification in May by the current administration.
Yakusak, speaking with journalists in Abuja on Thursday, outlined that an expansion of Nigeria’s non-oil exports would lead to a more robust naira value in the international market.
He 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 it 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.”
Yakusak stressed that non-oil exports represent the sole sustainable source of foreign exchange and bring numerous economic benefits, such as employment generation, industrial development, and value addition.
To address this issue and promote non-oil exports, the NEPC is organizing the second National Conference on Non-Oil Exports, themed “Building a Sustainable National Economy through Non-Oil Export.” The event, scheduled for October 4 to 5, 2023, in Abuja, aims to convene stakeholders from the public and private sectors to devise strategies for enhancing Nigeria’s export capacity, thereby bolstering the value of the Nigerian currency.
Prominent dignitaries, including Vice President Kashim Shettima, are expected to attend the conference.