In a bid to address the ongoing challenges facing the Nigerian economy, particularly the depreciation of the Naira, financial expert Mr. Abdullahi Olawale has advocated for the declaration of a state of emergency in the country’s export sector.
Speaking from Abuja, Olawale stressed the urgent need to eliminate all obstacles hindering the exportation of goods and services from Nigeria to international markets. He believes that streamlining the export process will play a pivotal role in bolstering the value of the Naira.
Olawale emphasized that facilitating exports is the most efficient way to address the current exchange rate crisis. He urged the government to empower exporters and create an enabling environment for them to thrive.
Acknowledging the complexity of Nigeria’s economic challenges, Olawale urged patience from Nigerians, particularly in light of President Bola Tinubu’s efforts. He attributed the current economic difficulties to years of mismanagement inherited by the current administration, necessitating extensive reforms.
“To achieve sustainable growth, we need comprehensive reforms that may initially disrupt the economy further. The depth of the crisis demands a thorough overhaul before any semblance of normalcy can be achieved,” he explained.
While advocating for collective efforts to tackle the economic crisis, Olawale emphasized the importance of non-partisanship in addressing national economic issues. He called on Nigerians to support the government’s efforts in reducing governance costs, combating corruption, and prioritizing exports to stabilize the Naira.
Highlighting the challenges faced by exporters, Olawale emphasized the need for urgent intervention to streamline export processes and remove bottlenecks. He stressed the importance of harmonizing procedures among relevant agencies to facilitate smoother exports and increase foreign exchange earnings for Nigeria.
Olawale urged the Minister of Finance and the Minister of Trade and Investment to convene an emergency meeting to address these issues promptly. He emphasized the critical role of exports in boosting Nigeria’s foreign exchange earnings and alleviating pressure on the Naira.
In conclusion, Olawale reiterated the necessity for decisive action to revitalize Nigeria’s export sector, emphasizing its pivotal role in stabilizing the economy and fostering prosperity for all Nigerians.