Naira free fall: FG urged to facilitate none-export production

By Ezurike Ugochukwu

As the naira has continued on its free fall, plunging to about N1,300 against the dollar at the parallel section of the foreign exchange (FX) market, federal government has been urged to encourage non-export items to mitigate the local currency fall.

The advice was given by the President General of the foremost freight forwarding group, the National Association of Freight Forwarders and Consolidators (NAFFAC) Prince Adeyinka Bakare at a media interaction put together by the Association of Maritime Journalists of Nigeria (AMJON) in Lagos.

Bakare said local manufacturing capabilities would save the much desired foreign exchange used in importing products not directly or necessarily required for local consumption.

The NAFFAC boss explained that Nigeria stand a chance to benefit immensely in the exportation of her commodities to other countries of the continent if well harnessed.
While reiterating the association’s commitment towards encouraging exportation, he maintained that freight forwarding business is beyond import, urging government to look inward to put in place policies to drive export.

He lamented that the poor foreign exchange rates against the Naira, insisting that it has also discourage international trade but expressed optimism that non – export would further grow the economy when government prioritize cargo exportation.

“Government needs to listen to this call because all our export supposed to be on CIF which is Cost Insurance and Freight and not the other way round, he said.
He insisted that things will only get better it we get serious about products we consume as a country. ‘Naira is failing today owing to much drive for foreign exchange to import things we as Nigerians could conveniently produce here