Nigerian Shippers’ Council decries naira depreciation

The Nigerian Shippers’ Council (NSC) has decried the sharp fall of the naira, saying the sure way to strengthen the currency is to focus on exports, especially of non-oil commodities.

NSC Executive Secretary, Emmanuel Jime, stated this in Benin City, Edo State, at a one-day enlightenment seminar on ‘Best practices in agricultural products exportation: Success stories from Edo State, noting that the council has also opened a special office in its headquarters to help exporters ease their processes.

He said the seminar was the first of a series of engagements with stakeholders in the South-South zone, with Warri and Calabar series to hold before the end of the year.

Represented by the Deputy Director, Stakeholders of the NSC, Celestine Akujobi, Jime said, “We all know all the various benefits of export that have to do with foreign exchange earnings leading to favourable balance of trade, stabilisation of the exchange rate as the country exports more products thereby giving strength to the naira.

“We all know that today the naira is in a free fall and that is because our exports are not matching our demands for imports. We import more than we export and until we change that scenario, it will be difficult for our Naira to gain the stability that it desires.”

He said Edo State is blessed with numerous agricultural and mineral resources with potential for export such as rubber, clay, limestone and marble.

Earlier in his welcome address, the Zonal Director South-South of NSC, Glory Onojedo said the massive exportation of goods especially non-oil agricultural produce holds the key to setting Nigeria on the path of recovery.