A financial management expert and lecturer of Banking and Finance at the University of Abuja, Dr Adelodun Sadraq, has said that Nigeria can only shore up the value of its currency against foreign currencies when it encourages local exportation.
The university don, who is also a prince of Obbo Ayegunle in the Ekiti local government area of Kwara State, said that Nigeria would improve when governments channel resources towards locally produced goods and embark on mass exportation of local goods.
Sadraq spoke with newsmen yesterday in Ilorin, Kwara State.
“We need urgent steps to encourage local exportation of agricultural produce, arts and crafts, music. When you see some youths in arts and crafts in Abuja and many parts of the country, you’ll marvel. So, the government should encourage them to shore up the naira against dollar, for instance,” he said.
However, Sadraq, a former banker and financial consultant, said that some internal and external factors usually hinder the implementation of such policies.
He urged the government to encourage local manufacturers with tax incentives that would keep them in business.
He said tax incentives for local manufacturers would bring about employment opportunities and social infrastructures.
“Why do we have to pursue local manufacturers away with tax as against dialogue on mutual business ideas? We should rather create a conducive business environment for them to stay and contribute meaningfully to social, infrastructural and human capital development and growth,” Sadraq said.
The university don commended governments’ efforts on security but said they should not relent in order to encourage agricultural productivity and food sufficiency.
“The moment you’re able to cater for your family in terms of food supply, you’re okay. Provision of security would increase agricultural productivity,” he noted.
He also charged Nigerian exporters to shun dubious activities that could make foreign countries reject their local produce, saying that some African countries buy agricultural produce from Nigerian farmers and producers to export to developed countries due to lack of trust that the foreigners have in some Nigerian local exporters.
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