Naira Records 300% Devaluation In 15 Years – NEPC

Nigerian Export Promotion Council (NEPC) has revealed that the naira has recorded a devaluation of over 300 per cent over the past 15 years.

 

Speaking at a press conference in Abuja on Wednesday, the Executive Director of NEPC, Dr Ezra Yakusak explained that the preceding years have shown deep susceptibilities in the non-oil export sector of the economy in particular and indeed the Nigerian economy in general.

 

“This has been mainly due to uncertainties faced from global crude oil prices and the adverse effect of Covid 19. In the last 15 years, the Naira has recorded over 300% devaluation.

 

“This disturbing trend has been attributed to Nigeria’s inability to earn foreign exchange from other products, due to our mono-cultural economy.”

 

Yakusak explained further that, “these issues have elicited concerns among stakeholders and practitioners in the non-oil export ecosystem.

 

“In this regard, the Nigerian Export Promotion Council, being the apex body for the development and promotion of non-oil export recently launched an awareness campaign with the theme: “Export for Survival”.

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“The objective of the campaign is to sensitize the general public on the need to embrace Non-oil export as a major driver in diversification of the Nigerian economy with the resultant effect of boosting foreign exchange earnings.

 

“It is against this backdrop that the NEPC deemed it fit to sustain this campaign by organizing the maiden National Conference on Non-oil Export with the theme “Export for Survival: Optimizing Nigeria’s Non-oil Export Potentials.”

 

“The event is to serve as a veritable platform for stakeholders in the non-oil export sector to ventilate ideas and viewpoints on current and emerging issues affecting non-oil export and as well as articulate a harmonized position for achieving a sustainable non-oil export performance,” he stated.

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The event is expected to showcase the export potential of Nigeria by exhibiting various non-oil exportable products, the exhibition is expected to go on side by side with the Conference which is to hold from the 26th to 27th of April in Abuja.

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