Market News

The Customs Area Controller, Seme Command, Timi Bomo­di, said on Sunday that the devalued naira had positive­ly impacted the exportation of Nigeria’s local products to neighbouring countries in West Africa.

In an interview in Seme, near Badagry, Bomodi said that imports and exports are usual­ly affected by market forces, including demand and supply.

“We are talking about the exchange rate of naira vis-à-vis its impact on exports. As the value of the naira begins to decline, you find that Nigeri­an-made goods are considered cheap within the region.

“This encourages people from neighbouring countries to purchase goods from Nigeria, but while we complain that the exchange rate has a negative impact on imports, it also has a positive impact on exports.

“Yes, we couldn’t buy goods because the dollar was high but people saw a cheap naira as an opportunity to get goods from Nigeria.

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“For the first time, you have a net export gain for Nigeria vis-à-vis her neighbouring countries because you find out that what makes Nigerians go to their neighbours is now making them come to Nigeria,” he said.

Bomodi said the devaluation of the naira had increased the growing local economy.

“Even a devalued naira is an advantage for export, so it’s not such a negative thing, but in trade, you have to balance both ends,” he said.

“In Seme-Krake, the La­gos-Abidjan corridor is con­sidered the most viable trade corridor in West Africa and indeed the whole of Africa.

“So viable, so strategic to the economic development of Africa that the European Union and other internation­al agencies are ready to cough out a humongous amount of money to develop infrastruc­ture around this axis,” the con­troller added.

by Taboola
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