Only Exportation Of Local Produce Can Shore Up Naira’s Value, Says Financial Expert

A financial management expert and lecturer of Banking and Finance at the University of Abuja (UniAbuja), Dr Adelodun Sadraq , has said that Nigeria can only shore up the value of its currency against foreign currencies when it encourages local exportation.

The university don , who is also a prince of Obbo Ayegunle in the Ekiti local government area of Kwara State, said that Nigeria would change for better when governments channel resources towards locally produced goods and embark on mass exportation of local goods.

Sadraq spoke with journalists in Ilorin, Kwara State on Wednesday

He said, “We need urgent steps to encourage local exportation of agricultural produce, arts and crafts, music. When you see some youths in arts and crafts in Abuja and many parts of the country, you’ll marvel.
“ So, government should encourage them to shore up the naira against dollars for instance.

But Sadraq , who was a former banker and financial consultant, said that some internal and external factors usually hinder implementation of such policies .

He further urged the government to encourage local manufacturers with tax incentives that would keep them in business

According to him, the tax incentives for local manufacturers will brought about employment opportunities and social infrastructures.

Sadraq said, Why do we have to pursue local manufacturers away with tax as against dialogue on mutual business ideas? We should rather create conducive business environment for them to stay and contribute meaningfully to social, infrastructural and human capital development and growth.”

The university don, who commended efforts of governments on security, said that they should not relent in order to encourage agricultural productivity and food sufficiency.

He said, “The moment you’re able to cater for your family in terms of food supply, you’re okay. Provision of security would increase agricultural productivity.”

The financial expert also urged Nigerian exporters to shun dubious activities that could make foreign countries reject their local produce, saying that some African countries buy agricultural produce from Nigerian farmers and producers to export to developed countries due to lack of trust that the foreigners have in some Nigerian local exporters.