Cardoso: Nigeria can boost export commerce by taking advantage of the weak naira

The Governor of the Central Bank, Yemi Cardoso, stated that the sharp drop in the value of the naira presents an opportunity for the country to boost its exports to other nations.
Cardoso said this at the Nigerian Economic Summit on Wednesday in Abuja.
The CBN Governor noted that the naira’s devaluation has made it more competitive for export trade, with many investors already seizing the opportunity.
Cardoso acknowledged that while the situation is not ideal, the current climate offers a chance for individuals to identify and pursue investment opportunities.
“In terms of persuasion, what we need now is to ensure that investments are here. Take, for example, now it may seem like a threat in the sense that the exchange rate has come down so low. But that also is an opportunity because what that means is that it can help to boost your exports.
“This will make Nigeria to become a lot more competitive in the export trade. I just want to encourage people to say that the opportunities are here. Things are recalibrating in a particular direction. It’s not perfect, but definitely there opportunities for people to single out and invest.
“By the time you are exporting out to other countries with the cost of import here and the relatively low naira, you will have a situation where the demands of your goods are much more. And I see it happening. Others are doing it and the interest is growing in leaps and bounds,” Cardoso said.

Source: nairametrics.com

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