N764 to $1: Ex-President Obasanjo Reveals How to Save Naira from Falling
- A solution has been recommended to the federal government to combat the frequent fall of the Naira to the dollar
- The federal government has been urged to transition from a single-resource economy to a diversified one
- Ex-President Olusegun Obasanjo suggested this recommendation at a public event in Abeokuta, Ogun State
Abeokuta, Ogun - Former President Olusegun Obasanjo has emphasized that Nigeria has the potential to overcome its foreign exchange (forex) challenges and the decreasing value of the naira.
He said this could be done by transitioning from a single-resource economy heavily reliant on oil to diversifying into non-oil exports, particularly agribusiness.
Source: Getty Images
Obasanjo made these remarks in Abeokuta over the weekend during the conclusion of a week-long intensive training program called the "Agribusiness Export Readiness Accelerator Training Programme."
The program was designed for entrepreneurs from various parts of the country.
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The former president pointed out that while the discovery of oil in Nigeria was initially seen as a blessing, it had become a burden, leading to economic imbalances.
He encouraged African nations to tap into their export potential in agribusiness, which could enhance their participation in global trade, generate significant forex earnings, and elevate the region's prosperity.
As reported by This Day, Obasanjo said:
“Given the enormous resource endowment of Nigeria, I have no doubt in my mind that economic diversification is achievable at the shortest possible time if robust economic policies with appropriate implementation mechanisms are put in place, running consistently over a period of time.
“Nations, like Indonesia and Malaysia, were once mono-product economies, like Nigeria, but they are now well diversified and, therefore, less vulnerable to global economic shocks.”
Obasanjo to begin exportation of wood from Otta Farm
Obasanjo expressed his concern that Africa lags in global trade and value chain, accounting for only 1.9% of global manufacturing.
He said this is due to the failure to add value to its primary commodity exports.
The ex-President said:
“Since international trade is a good barometer of the world economic growth and development, it then becomes quite easy to understand the poor economic performance of Africa in general, and Nigeria, in particular.”
He shared his experience of planting trees to address heat issues in his poultry farm. He revealed plans to export wood and other agricultural products soon.
Obasanjo stressed that success in agribusiness exports demands resilience, dedication, adherence to quality standards, consistency, and a willingness to adapt and learn to enhance their trade prospects.
How Nigeria spent $2.56 Billion servicing loans from China, India, IMF in 9 Months - CBN reveals
In another report, it has been gathered that during the initial three quarters of 2023, the Nigerian government allocated $2.56 billion to cover debt payments to entities such as China, the IMF, the World Bank, and others.
This amount marks an 18% increase compared to the $2.17 billion expended in 2022.
For reference, the government led by former President Muhammad Buhari spent $15.77 billion on servicing its debts.
Source: Legit.ng
