The Central Bank of Nigeria (CBN) has called on businesses to capitalize on the weakened naira by exploring export opportunities. This appeal was made by Muhammad Abdullahi, the Deputy Governor of Economic Policy at the CBN, during the 11th National Economic Outlook: Implications for Businesses in Nigeria summit held in Lagos. The naira has faced significant depreciation, ending 2024 with a 40.9% loss, which presents both challenges and opportunities for Nigerian businesses.
Abdullahi emphasized that the unification of exchange rates and a focus on stability can create transformative opportunities. Drawing parallels with China’s economic strategy, he noted that while a depreciated naira increases import costs, it makes Nigerian goods more competitive and attractive in global markets. He urged businesses to adopt export-oriented strategies targeting sectors with high export potential such as agriculture, manufacturing, and the creative industries.
Key strategies highlighted include:
- Export-oriented strategies: Focus on sectors with strong export potential.
- Import-substitution models: Strengthen domestic production capabilities to reduce reliance on imports.
- Value addition: Shift from exporting raw materials to processed goods to enhance foreign exchange earnings.
Abdullahi also pointed out the untapped potential in Nigeria’s growing creative sector, which includes music, film, crafts, and digital exports. He encouraged businesses to explore international markets and digital platforms to boost revenue. In agriculture, he noted that ongoing reforms and improved financing position the sector for growth, particularly through processed agricultural exports. Additionally, he highlighted the fintech sector’s role in driving economic development through increased mobile money adoption and financial inclusion initiatives. As Nigeria navigates its economic landscape in 2025, the CBN’s call for businesses to embrace these strategies underscores a proactive approach to harnessing the current economic conditions for growth and sustainability.
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