In a plea for immediate attention to the challenges facing Nigeria’s export sector, Drekz Analytics Limited’s CEO, Abdullahi Olawale, has urged the federal government to declare a state of emergency.
He emphasized the need to eliminate obstacles hindering the export of goods and services, Olawale asserted that this action is crucial for strengthening the Naira and resolving the exchange rate crisis.
Speaking in Abuja on Sunday, Olawale urged patience with President Bola Tinubu, characterising the current economic challenges as deeply rooted and requiring time for correction.
He highlighted a decade of economic mismanagement inherited by Tinubu, necessitating comprehensive reforms implemented by the President and his team.
“To place the Nigerian economy on the path of sustainable growth, the reform has to be deep-rooted. This will bring further disorientation to the economy before we can start to enjoy a measure of normalcy. The rot is too deep and we can’t get over it so quickly,” explained Olawale.
He called for a united effort to address the economic crisis, emphasising the importance of reducing the cost of governance, intensifying the fight against corruption, and boosting exports to stabilise the Naira.
“I call on Nigerians to rally round the Presidency to manage this economic emergency. We have a duty to collectively secure ourselves as economic prosperity will deflate the security challenges and enhance collective wealth and prosperity,” Olawale urged.
Specifically, he appealed to President Bola Tinubu to declare an emergency in the export sector, citing the need for urgent meetings between the Ministers of Finance and Trade and Investment to address export process bottlenecks.
Olawale stressed the importance of harmonising procedures and processes and freeing exporters from current impediments to boost forex earnings for the country.