“The exchange rate plays a big role in determining the demand or the purchasing power of the people,..As the value of the Naira declines, Nigerian-made goods become cheaper within the [West African] region. This encourages people from neighboring countries to purchase goods from Nigeria. While we often lament that the exchange rate negatively impacts imports, it positively affects exports.
“For the first time, Nigeria has a net export gain vis-à-vis her neighboring countries. What used to drive Nigerians to other countries is now drawing them to Nigeria,” – Comptroller Timi Bomodi, the Customs Area Controller of the Seme Command, Nigeria.
Nothing but the truth. So, the question becomes: what can you produce which Nigeria’s neighbours need? If your raw materials could be sourced locally, great things will happen.
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Good People, what is happening in Nigeria could be a massive opportunity for some people because a weakened currency opens a big party for outsiders to converge.
The Seme Command’s role in promoting trade within this corridor underscores the broader economic benefits of the Naira’s devaluation.
As neighbouring countries increasingly seek Nigerian goods, the local manufacturing sector gains momentum, potentially leading to broader economic growth and development.
The positive export trends observed by the Seme Command reflect a nuanced understanding of currency devaluation’s role in international trade, highlighting both challenges and opportunities for Nigeria’s economy.
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