The Central Bank of Nigeria (CBN) has called on businesses to capitalize on the depreciated naira to explore export opportunities and strengthen Nigeria’s economic resilience. This message was delivered during the 11th National Economic Outlook: Implications for Businesses in Nigeria 2025, organized by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in Lagos.
Muhammad Abdullahi, Deputy Governor for Economic Policy at the CBN, emphasized that the unification of exchange rates, combined with efforts to stabilize the naira, offers a unique chance for businesses to thrive. “A competitive exchange rate can serve as a catalyst for export-led growth,” Abdullahi said. “While a weaker naira may increase the cost of imports, it also makes Nigerian goods more affordable and competitive in global markets. By adopting export-oriented strategies, businesses can unlock significant growth opportunities.”
Abdullahi proposed key approaches for businesses to maximize the benefits of the weak naira which include; export-oriented focus (businesses should prioritize sectors with strong export potential, such as agriculture, manufacturing, and creative industries), import substitution (businesses should strengthen domestic production capabilities to reduce dependency on costly imports and foster self-reliance), value addition (businesses should shift from exporting raw materials to producing processed goods, enhancing foreign exchange earnings and creating higher-value exports).
He also highlighted the vast opportunities in Nigeria’s growing creative industry, including music, film, crafts, and digital exports, urging businesses to explore international markets and digital platforms. “This sector is brimming with potential,” he said. “By targeting global audiences through platforms and tours, businesses can significantly boost revenue and contribute to the economy.”
Abdullahi pointed out that the agricultural sector, supported by ongoing reforms, declining inflation, and improved financing, is well-positioned for growth. He encouraged businesses to focus on processed agricultural exports to enhance foreign exchange earnings. Similarly, the fintech sector is expected to drive economic development, fueled by the increasing adoption of mobile money and financial inclusion initiatives. “The combination of innovation and growing financial access in fintech will continue to transform Nigeria’s economy,” Abdullahi stated.
In his opening remarks, Pius Olanrewaju, President and Chairman of the Council at CIBN, reflected on 2024 as a year of both significant challenges and opportunities for Nigeria’s economy. He emphasized the importance of forward-looking strategies to ensure businesses are prepared to navigate the evolving economic landscape in 2025.
