The Nigerian Shippers’ Council (NSC) has expressed concern over the significant depreciation of the naira.
It emphasized that the most effective strategy for bolstering the currency lies in prioritizing exports, particularly non-oil commodities.
The NSC Executive Secretary, Emmanuel Jime, disclosed this during a one-day enlightenment seminar titled ‘Best Practices in Agricultural Products Exportation: Success Stories from Edo State,’ held in Benin City.
He also highlighted that the council has established a dedicated office at its headquarters to assist exporters in streamlining their processes.
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Jime stated that this seminar marked the inception of a series of engagements with stakeholders in the South-South region, with subsequent events scheduled for Warri and Calabar before the year’s end.
Through his representative, Celestine Akujobi, Jime elaborated, “We are all aware of the numerous advantages associated with exports, including foreign exchange earnings, which contribute to a favorable balance of trade. Increased product exports can help stabilize the exchange rate, ultimately fortifying the naira.”
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“We all know that today the naira is in a free fall, and that is because our exports are not matching our demands for imports. We import more than we export, and until we change that scenario, it will be difficult for our Naira to gain the stability that it desires.”
He mentioned that Edo State boasts an abundance of agricultural and mineral resources, including rubber, clay, limestone, and marble, which have the potential for export.
In his earlier welcoming speech, Glory Onojedo, the Zonal Director for the South-South region of NSC, emphasized that substantial exports of goods, particularly non-oil agricultural products, are crucial to steering Nigeria toward economic recovery.