The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye Esq., has highlighted the impact of the recent devaluation of the naira on food exports to West African countries. According to Oye, the devaluation has made Nigerian food products the cheapest in the region, leading to an increase in exports of food and grains.
Oye’s comments came in response to concerns raised by the Nigeria Governors Forum (NGF) regarding the effects of the naira devaluation on the Nigerian economy. While acknowledging the immediate benefits of the devaluation on exports, Oye also raised concerns about the broader implications of a persistent devaluation.
The NACCIMA President warned that continued devaluation of the naira could result in higher inflation, increased costs of imports, and a loss of investor confidence in the Nigerian economy. He emphasized the need for the government to implement policies that would stabilize the naira and promote economic growth.
Oye called for a balanced approach to managing the value of the naira, taking into account the impact on exports, inflation, and overall economic stability. He stressed the importance of policy interventions to address the challenges posed by the devaluation of the naira and ensure sustainable economic growth in Nigeria.
