Market News

Naira Slide: ‘Non-oil Export Key to Recovery’ - NEW TELEGRAPH

SEPTEMBER 29, 2023

The Executive Director/ Chief Executive Officer of Nigerian National Export Promotion Council (NEPC) Dr. Ezra Yakusak, has said the only solution to arrest persistent slide of the naira against major international currencies is by encouraging massive export of non-oil commodities.

He gave the advice on Thursday at press briefing in Abuja. According to him, “he only way is, beef up non-oil product supply, add value to commodities for export, it will halt naira fall. If there is anytime we need to build non-oil export economy, it’s now.

“You will recall that last year, precisely in April 2022, the maiden edition of the national conference on non- oil export was held in Abuja with the theme: ‘Export for Survival: Optimising Nigeria’s Non-Oil Export Potentials.’

“At the end of that conference, a 19-point communique was issued. I am glad to inform you that the Council has worked tirelessly to implement the issues raised in the communique. For example, the Council has established and launched additional three Export Trade Houses (ETHs) in Lome, Togo, Nairobi in Kenya and just recently in Hunan Province in China.

Similarly, a Trade in Services Division has been established under the Office of the Executive Director in line with recommendations of the last conference,” he said.


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