BUSINESS: NECA challenges FG on approach to boost forex inflows

The Nigeria Employers Consultative Association, NECA, has said that the Federal Government should adopt a multidimensional approach including dealing with oil theft to boost foreign exchange inflows and strengthen the Naira.

The Director General, NECA, Mr. Wale-Smatt Oyerinde, who recommended this yesterday in a press conference announcing the upcoming 2nd edition of the Employers’ summit, in Lagos, said: “We want to call on the current administration that for you to actually address the issue of forex, you must take a multidimensional approach while we focus on dealing with the oil theft in the Niger Delta, we should also focus on dealing with the rapid increase in oil production so that we can meet our quotient quotas”.

He further stated: “It is also important that we harness the quantum of natural resources that we have in this country so that we can become a net exporter, not only on cocoa, not only on rubber, but of all natural resources that we have in this country that will increase the pool of foreign exchange and the more forex you have, the more less pressure you have from citizens requesting for that forex and the stronger the potential of your local currency to grow.”

Explaining why the Summit focused on trade and non-oil export, Oyerinde said: “Historically, the Nigerian economy was buoyant during the pre- and post-independence years because of huge earnings from non-oil exports like cocoa, cotton, groundnut, palm oil etc”.

The summit themed “Trade and non-oil export: Changing the narrative for rapid national development”, will be held in Abuja on July 10th-11th, 2023.