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EU Urges Nigeria To Devalue Naira


By Modupe Gbadeyanka

Nigeria has been advised by the European Union (EU) to devalue the Naira so as to revamp the country’s ailing economy.

Speaking with newsmen on Monday in an interview, the Counsellor, Head of Trade and Economics Section of EU, Mr Fillippo Amato, submitted that, “To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.”

He said, “Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.”

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Speaking further, he remarked that, “At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.”

He added that, “Improving security (in the Northeast and Niger-delta) and ease of doing business are also key factors on which the government must urgently work to re-launch the economy.”

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According to him, the EU had been at the forefront of aid for trade support activities in Nigeria and ECOWAS.

He disclosed that the most important programme the EU was implementing in Nigeria with its partners, GIZ, DFID/Adam Smith International and UNIDO, was the Nigeria competitiveness Support Programme, saying that the programme aims at improving the quality of Nigeria products to comply with international standards.

Mr Amato further explained that, “The programme is providing capacity building to several Ministries, Departments and Agencies such as Ministry of Agriculture, Standards Organisation of Nigeria, Consumer Protection Council, Nigerian Customs Services and NADFAC.

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“We support the trade institutions in the formulation and implementation of a sound trade policy (support to the Federal Minister of Industry, Trade & Investment, and Nigerian Customs Service). “This is to improve the business environment, with pilot projects in Kano and Kaduna to improve the procedures for obtaining land titles, and business licences.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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