Expert Advises FG to Declare State of Emergency on Exports to Boost Naira

Emmanuel Addeh in Abuja

A financial expert and Chief Executive Officer of Drekz Analytics Limited, Mr Abdullahi Olawale, has urged the federal government to declare a state of emergency in the Nigerian export sector.

Speaking in Abuja, he explained that by removing all bottlenecks hampering export of goods and services from Nigeria to clients and customers abroad, the value of the Naira will be significantly bolstered.

According to him, doing so is the fastest route to strengthening the naira, adding that the government should allow exporters to be free to export so as to address the exchange rate crisis.

Olawale, who also pleaded with Nigerians to be patient with President Bola Tinubu, described the current national economic challenges as “deep-rooted”, explaining that it demands sufficient time for to be corrected.

According to him, close to a decade of mismanagement of the economy that Tinubu inherited, has necessitated current root and branch reforms, which the president and his team are implementing.

He said: “To place the Nigerian economy on the path of sustainable growth,  the reform has to be deep-rooted. Doing this will bring further disorientation to the economy before we can start to enjoy a measure of normalcy. The rot is too deep and we can’t get over it so quickly.

“As much as the pain is too much, we must place the economic crisis in proper perspective. All hands must be on deck to salvage the situation. The president is reducing the cost of governance.

“This must be elaborated across federal governance. We must deepen the fight against corruption and then we must export more as a nation to stabilise the naira.

“We should not play politics with the national economy. I call on Nigerians to rally round the presidency to manage this economic emergency. We have a duty to collectively secure ourselves as economic prosperity will deflate the security challenges and enhance collective wealth and prosperity,” he stated.

He stated that an urgent meeting is needed to address bottlenecks in the export process, he said, noting that that it is extremely difficult to export products from Nigeria to earn forex at the moment.

“The system appears so structured to frustrate exporters. The agencies involved in the export process need to be on the same table. The procedures and processes need harmonisation.

“Exporters should be free from the current blockages and impediment. If we free exporters to export, Nigeria will earn more forex and the pressure on Naira will ease,” the finance expert emphasised.

In addition, he urged the minister of finance and his counterpart from Trade and Investment  to meet as urgently as possible in order to chat a way forward for exporters to markedly increase Nigeria’s FX earnings.