Address Declining Value Of Naira – Afuwape

By Oduyemi Odumade

Member Representating Abeokuta South Federal Constituency, Mr. Afolabi Afuwape has called for a multi-faceted approach to address the declining value of the naira.

Mr. Afuwape stated this while contribution to a motion
“On the need for the Central Bank of Nigeria to address the impact of the falling naira against the dollar and other currencies on the Nigeria Economy” moved by a Member from Bauchi, Mr. Ismaila Haruna-Dabo during Plenary in Abuja,

In leading the debate, Mr. Haruna-Dabo urged the Central Bank of Nigeria to implement the monetary policy adjustment to stabilize the currency, address speculative activities in the forex market and increase the withdrawal limit of the naira to reduce the pressure on dollars and other foreign currencies

In his Contribution to the motion, Mr. Afuwape emphasized the need for Nigeria to prioritize productivity, tackle insecurity, and attract investment as part of a comprehensive strategy to counter the free fall of the naira.

According to Afuwape, the ongoing depreciation of the naira has had detrimental effects on the Nigerian economy, including rising inflation, increased prices of imported goods, and reduced investor confidence.

Recognizing the urgency of the situation, the Lawmaker highlighted the interconnectedness of productivity, security, and economic stability.

Addressing the issue of productivity, the lawmaker stressed the importance of promoting a culture of innovation, entrepreneurship, and value addition.

He called for policies and initiatives that would support small and medium-sized enterprises (SMEs) and encourage the growth of key sectors such as agriculture, manufacturing, technology, and renewable energy.

“By enhancing productivity and reducing dependence on imports, Nigeria can strengthen its economy and stabilize the naira” he said.

In addition to productivity, Mr. Afuwape who emphasized the urgent need to address the prevailing issue of insecurity in Nigeria highlighted the detrimental impact of insecurity on various sectors, including agriculture, tourism, and foreign investment.

The Member Representating Abeokuta South Federal Constituency called for increased funding, training, and equipping of security forces to effectively combat insurgency, banditry, and kidnapping thereby boosting investor confidence and attracting much-needed investment.

Furthermore, the Lawmaker recognized the critical role of attracting both local and foreign investment to strengthen the naira and proposed the implementation of policies and incentives to create a conducive business environment, streamline bureaucratic processes, and provide financial incentives for investors.

Mr. Afuwape noted the importance of diversifying the economy beyond oil and expanding sectors with high growth potential to attract investment and reduce Nigeria’s vulnerability to global oil price fluctuations.

Edited By Grace Namiji