Trade and investment experts have urged the federal government to prioritize maintaining stability in the foreign exchange market to encourage significant investments in the country.
This call was made during a one-day roundtable on “Strengthening the Naira” organized by the Policy Advocacy Centre of the Abuja Chamber of Commerce and Industry (ACCI) in Abuja.
Dr. Idi Hong, the Second Vice President of ACCI, emphasized the importance of naira stability for economic growth, stating that businesses struggle to survive amidst forex fluctuations.
Samuel Agbeluyi, President of the Chartered Institute of Taxation of Nigeria (CITN), highlighted the role of tax reduction in stabilizing the naira and attracting foreign investments. He referenced President Bola Tinubu’s blueprint to streamline taxes and the need to bring more individuals into the tax net.
Mohammed Yelwa, a professor of economics at the University of Abuja, questioned the sudden appreciation of the naira, emphasizing the importance of boosting exports to strengthen the currency. He acknowledged the role of forex disbursements to Bureau De Change (BDCs) in providing stability.
Chijioke Ekechukwu, an economist and Managing Director of Dignity Finance and Investment Limited, emphasized the need for bank recapitalization to attract more inflows into the country.
Emeka Obegolu (SAN), President of ACCI, highlighted the importance of the roundtable in facilitating discussions on economic policies and their impact on the business community.
The experts’ consensus underscores the critical role of naira stability in fostering a conducive environment for investment and economic growth in Nigeria.
