Only exportation of local produce can shore up Naira value — Financial expert

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A financial management expert and lecturer in Banking and Finance at the University of Abuja, Dra Segun Adelodun Shadrach, has said that the exportation of local produce is the only magic that can redeem the nosediving naira value against foreign currencies.

Speaking with journalists in Ilorin on Wednesday, Adelodun said that no amount of theoretical efforts would salvage the naira if the country refuses to strengthen or improve on exportation.

He regretted that Nigeria’s importation is far greater than its exportation, wondering how the expected miracle could ever come in such a situation.

“Nigeria can only shore up the value of its currency against foreign currencies when it encourages local exportation.”

The varsity don, who is also a prince of Obbo Ayegunle in the Ekiti local government area of Kwara State, said that Nigeria would change for the better when the government channelled resources towards locally produced goods and embarked on mass exportation of local goods.

“We need urgent steps to encourage the local exportation of agricultural produce, arts and crafts, and music, among other local products.

“When you see some youths in arts and crafts in Abuja and many parts of the country, you’ll marvel. The government should encourage them to shore up the naira against dollars, for instance,” he said.

The former banker and financial consultant said that even though the Central Bank of Nigeria (CBN) has good intentions with its policies, “some internal and external factors usually hinder the implementation of such policies.”.

He urged the government to encourage local manufacturers with tax incentives that would keep them in business, saying that “this said tax incentive for local manufacturers would bring about employment opportunities and social infrastructure.

“Why do we have to pursue local manufacturers away with taxes as against dialogue on mutual business ideas?

“We should rather create a conducive business environment for them to stay and contribute meaningfully to social, infrastructural, and human capital development and growth,” Adelodun said.

He, however, commended the efforts of governments on security, urging them not to relent so as to encourage agricultural productivity and food sufficiency.

“The moment you’re able to cater for your family in terms of food supply, you’re okay. Provision of security would increase agricultural productivity,” he noted.

The don further charged Nigerian exporters to shun dubious activities that could make foreign countries reject their local produce, saying that some African countries buy agricultural produce from Nigerian farmers and producers to export to developed countries due to the lack of trust that the foreigners have in some Nigerian local exporters.

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