Dr. Abiodun Adedipe founder and Chief consultant of B. Adedipe Associates Ltd. has stated the potential of Nigeria to attract manufacturing companies if the Naira should gain stability.
Speaking at a webinar hosted by Nairametrics, Dr. Adedipe stated the important role of a stable currency in bolstering the manufacturing sector and fostering economic growth.
According to Dr. Adedipe, recent policies implemented by the Central Bank of Nigeria (CBN) have already begun to entice new manufacturing ventures to establish operations within the country.
He noted that the stability of the Naira enables manufacturers to effectively plan their business strategies, thereby creating a conducive environment for investment and expansion.
Dr. Adedipe also pointed out that the manufacturing sector stands to be the biggest beneficiary of a stable Naira. He explained that a stabilized exchange rate facilitates long-term planning for manufacturers, thereby enhancing productivity and competitiveness in the global market.
Dr. Adedipe noted the emergence of new manufacturing entities, particularly in regions such as the Southwest of Nigeria. Notably, he mentioned that a number of these ventures are originating from countries like China and Eastern Europe, indicating growing international interest in Nigeria’s manufacturing potential.
Dr. Adedipe identified the trade sector as another key beneficiary of Naira stability. Given Nigeria’s consumption habits and the high import content of goods, a stabilized currency is expected to drive increased demand for non-oil products and services, consequently bolstering trade activities.