The Central Bank of Nigeria (CBN) has encouraged businesses to adopt export-focused strategies to leverage the naira’s depreciation. Speaking at the 11th National Economic Outlook hosted by the Chartered Institute of Bankers of Nigeria in Lagos, Deputy Governor of Economic Policy, Muhammad Abdullahi, emphasized the potential benefits of the naira’s weakened state for export-led growth.
Abdullahi highlighted that the unification of exchange rates and a focus on stability could transform businesses, citing lessons from China’s economic strategy. He urged Nigerian businesses to explore opportunities in agriculture, manufacturing, and creative industries. Recommendations included shifting from raw material exports to processed goods and promoting digital exports in the creative sector.
The event also reviewed Nigeria’s economic performance in 2024, with President of the CIBN Council, Prof. Pius Olanrewaju, noting a GDP growth of 3.46% in Q3 2024, up from 3.19% in Q2. Despite inflation at 34.6% and a naira-dollar exchange rate of ₦1,535/$1 (a 40.9% depreciation), the services sector remained a key driver, contributing 53.58% to GDP.
Economist Biodun Adedipe called for inclusive and sustainable growth to avoid cyclical naira devaluations, stressing the importance of strengthening Nigeria’s external sector and aligning currency strategies with global trade dynamics.
