Emmanuel OchayiGabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, revealed that Nigeria’s prolonged foreign exchange crisis stems from its feeble industrial capacity.
Idahosa emphasized the absence of a determined will to embark on an industrial revolution capable of revitalizing the nation’s faltering economy.
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Highlighting the success stories of China and South Korea, Idahosa argued that these nations intentionally closed their borders to imports, underscoring the need for a similar commitment in Nigeria. He asserted, “We need an industrial revolution, but we need a strong political will.”
Contrary to popular belief attributing the forex crisis to the Central Bank’s alleged incompetence, Idahosa asserted that Nigeria’s dwindling exports were the primary cause. He pointed out, “As long as we don’t export, dollars will be scarce; and anything that is scarce, the price will go up.”
Idahosa’s remarks followed the recent devaluation of the naira to N1348.63/$, sparking concerns among economists and private sector bodies. The Central Bank’s directive for Deposit Money Banks to sell excess dollars by February 1, 2024, added urgency to the situation.
The President of LCCI urged Nigerians to confront the reality of their consumption patterns, questioning the reliance on imported products.
He stated, “Let us look at our dining tables every day, all the products there, how many of them are produced locally?”
As the nation grapples with economic challenges, stakeholders call for immediate action and a collective shift in mindset to propel Nigeria towards a robust industrial future.
