Non-oil Exports Will Stabilize Crumbling Naira

Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council, has said non-oil export is pivotal to stabilizing the Naira.

He disclosed this to journalists in Abuja on Thursday.

He explained that an increase in Nigeria’s non-oil exports would result in a stronger value for the naira in the international market.

He said, “If you look at what is happening, the naira is about a thousand to dollar and the only way to stop and challenge is to stop the naira 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.

There is no other way. Non-oil export is the only sustainable source of foreign exchange, and when you export, there are various benefits that are accurate to the economy. When you export, you provide employment, create industries, and you add value.

“So if there is any time we need to build a sustainable national economy through non-oil export, the time is now.”

Meanwhile, Yakusak announced the second National Conference on Non-Oil Exports themed “Building a Sustainable National Economy through Non-Oil Export”, a two-day event slanted for 4th and 5th October 2023.

Benco news reports that on Thursday, the Naira exchanged at N985/$1 at the parallel foreign exchange market.