Economic analysts and industry stakeholders say Nigeria’s path to a stronger naira lies in sustained reforms and a deliberate push to expand local production across key sectors.
They note that recent policy actions including exchange-rate unification, tighter monetary controls, and efforts to curb currency speculation have created a framework for stability, but insist that long-term results depend on reducing the country’s dependence on imports.
According to experts, Nigeria’s high demand for foreign goods continues to place pressure on the naira, especially as manufacturers rely on imported raw materials and machinery.
Strengthening local production in agriculture, manufacturing, textiles, pharmaceuticals, and technology, they argue, would conserve foreign exchange, create employment opportunities, and stimulate industrial growth.
While progress may be gradual, economists believe disciplined reforms, transparency, and a stronger “Made-in-Nigeria” drive could provide the resilience needed to stabilise and strengthen the naira in the months ahead.
Read Also:
Naira: What’s Driving the Market
Naira Records Second Decline Against US Dollar
Government officials point to ongoing initiatives aimed at supporting domestic industries, improving power supply, and attracting investment into export-driven sectors.
However, business leaders stress that reforms must be backed with practical implementation, improved access to credit for small and medium enterprises, and better transport and energy infrastructure.
Stakeholders further emphasise the need to boost crude oil output, curb oil theft, and expand non-oil exports to strengthen foreign reserves and investor confidence.