Naira float: Nigerians sleeping on agricultural export opportunity – KBS rector

The Rector of Kaduna Business School, Prof. Dahiru Sani, has said Nigerians are not taking sufficient advantage of opportunities created by the floating of the Naira, particularly in agricultural exports.

Sani, who is also the project director of the Agra Ecosystem BDS Development Programme, said the exchange-rate reform could make Nigerian agricultural products more attractive to international buyers and create opportunities for those willing to invest in production and exports.

He spoke at the Agri-SMEs and Investors Conference organised by the Kaduna Business School, AGRA, SMEDAN and Enterprise Development Centre (EDC) to connect Micro, Small and Medium Enterprises (MSMEs) with investors and other business development stakeholders.

He said the impact of the naira float is being viewed largely from the negative side, while the potential benefits for exporters are being overlooked.

“You see, I think agriculture really has been the dark horse of the Nigerian economy; so important, so neglected, so critical, so forgotten,” he said.

Prof. Sani added that the floating exchange rate had made it possible for exporters earning dollars to receive more naira, thereby creating an opportunity to expand production and investment in agriculture.

 “Essentially, the floating of the naira was to support exports,” he said.

He illustrated the opportunity by comparing the value of $1,000 in naira before and after the exchange-rate reforms, saying the higher naira value of foreign earnings could enable exporters to do more within the domestic agricultural market.

“Imagine what I can do with that in the agricultural market,” he said.

The rector, however, said the opportunity would only benefit Nigeria if the agricultural sector increased its production and began generating the output required to compete effectively in international markets.

“The sector is not generating the output required for the positioning that has been given. And this is what we are preaching. That’s why we are making all this noise,” he said.