Hardship: Declare state of emergency on export sector, FG urged

The federal government has been urged to declare a state of emergency in the Nigerian export sector by removing all bottlenecks hampering export of goods and services from Nigeria to clients and customers abroad. The Chief Executive Officer of Drekz Analytics Limited, Mr Abdullahi Olawale, who gave the advice in Abuja yesterday, said doing so […]

The federal government has been urged to declare a state of emergency in the Nigerian export sector by removing all bottlenecks hampering export of goods and services from Nigeria to clients and customers abroad.

The Chief Executive Officer of Drekz Analytics Limited, Mr Abdullahi Olawale, who gave the advice in Abuja yesterday, said doing so was the fastest route to strengthening the naira, adding that the government should allow exporters to be free to export so as to address the exchange rate crisis.

Olawale, who pleaded with Nigerians to be patient with President Bola Tinubu, described the current national economic challenges as “deep-rooted” and demanded sufficient time for corrections.

He explained that close to a decade of mismanagement of the economy that Tinubu inherited necessitated the current root and branch reforms which the president and his team were implementing.

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He further said, “To place the Nigerian economy on the path of sustainable growth, the reform has to be deep rooted. This will bring further disorientation to the economy before we can start to enjoy a measure of normalcy. The rot is too deep and we can’t get over it so quickly.

“It is on this note that I also call on Mr President to declare an emergency in the export sector of the economy. An urgent meeting is needed to address bottlenecks in the export process. Mr President may want to know that it is extremely difficult to export products from Nigeria, to earn forex. The system appears so structured to frustrate exporters.”

He urged the Minister of Finance and his counterpart in trade and investment to meet as urgently as possible in order to chat a way forward for exporters.