Reconditioning Of Debilitated Industries Will Boost Country’s Currency – Economic Expert

by on August 4, 2020

The Chief Executive Officer of Strategy Worth and Technology (SWAT), Mr Promise Amahah, who also is an economic expert has said that the refurbishing of debilitated industries and economic multiformity, will help make solid again the value of Naira amongst other currencies of the World.

Economist Amahah, gave this disclosure when responding to questions from the News Agency of Nigeria (NAN), pertaining to the decline of value in Naira in Abuja on Tuesday.

He stressed that the Naira currency as at August 3, was being exchanged for about N387 to a dollar in the foreign exchange market.

Continuing, he urged the Federal government to maintain the said tempo of its diversification activities into various economic sectors, with the sole aim of boosting the country’s economy effervescently.

He revealed that rehabilitation of enfeebled industries in agriculture, IT and education will bring back positive results like create more job opportunities for citizens, increased level of investment and more importantly, raise the value of the country’s currency.

“There was once a time when Naira was stronger, when we had Volkswagen Nigeria, Michelin Nigeria, Dunlop Nigeria, and the Peugeot Automobile.

He continued by saying, “the currency had value when we had Ajaokuta Steel, Nigerian Airways, BEREC Batteries, General and Kingsway motors, adding that value of the currency, didn’t collapse overnight”.

He however commended the Federal Government for its role played in rejuvenating the Ajaokuta Steel Company, adding also that the effort made by the Central Bank of Nigeria in reviving Nigerian Garment industries and Cotton Textile was another step towards development in the country.

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