New Telegraph

‘Nigeria must create environment to boost exports, attract forex’

The immediate past Director General of Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf, has called on the Nigerian authorities to create an enabling environment that will encourage export business and attract foreign exchange (forex). The Nigerian economy, according to him, has the capacity to attract a lot of foreign exchange because of its size, stressing that there are potentials and opportunities that are still hidden. Speaking at the monthly forum of the Finance Correspondents Association (FICAN) on Thursday, Yusuf stated that foreign exchange earning was all about creating the environment for more inflows to come in the form of diaspora remittances,foreign direct investment inflows, foreign portfolio investment, export proceeds among others. The theme of the forum was: “Post COVID-19 economy in H1:2021 and outlook for financial services sector.” Specifically, the former DG observed that the exporters are passing through a lot of difficulties, adding that the way to attract foreign exchange is to export but “ if you go to the ports and see what exporters are going through, you feel sorry for them and the Nigerian economy in general.” According to Yusuf, “we say we don’t have foreign exchange, but the way to attract foreign exchange is to export. However, exporting is almost a nightmare in Nigeria. “For instance, the process for export cannot begin until an exporter has loaded the truck and paid the truck owner.

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