Naira Stability Key to Attracting Global Manufacturers, Says Economic Expert


Dr. Abiodun Adedipe, founder and Chief Consultant at B. Adedipe Associates Ltd., emphasized that Nigeria stands to attract more manufacturing companies worldwide if the Naira stabilizes. He made this assertion during a webinar organized by Nairametrics, focusing on the Central Bank of Nigeria’s (CBN) policies and their economic impacts.

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Adedipe highlighted that recent CBN policies have already prompted some new manufacturing firms to establish plants in Nigeria, with more expected to follow suit. A stable Naira, he argued, would be particularly advantageous for the manufacturing sector, allowing businesses to plan effectively.

Specifically addressing sectors likely to be influenced by the CBN’s monetary policies, Adedipe identified manufacturing as the primary beneficiary. He explained that stable exchange rates facilitate business planning, fostering growth and investment in the manufacturing sector.

He stated, “A stable Naira enables manufacturers to plan, and if the rate is stabilized within a certain range, there’s the possibility for manufacturers to plan effectively.” Adedipe noted the emergence of new manufacturing entities, especially in Southwest Nigeria, with a significant influx from China and Eastern Europe.

Furthermore, Adedipe highlighted the trade sector as the second most affected by these policies, given its substantial contribution to Nigeria’s GDP. He emphasized that Nigerians’ consumption habits, characterized by a high import content, make trade a vital aspect of the economy. As the Naira stabilizes, he anticipates increased demand for non-oil products and services, further driving economic activity.

In summary, Adedipe’s insights underscore the critical role of Naira stability in attracting global manufacturers and stimulating economic growth across various sectors in Nigeria.

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