Naira crisis: Nigeria must begin to export semi-finished, finished goods, says Obaseki

The governor of Edo State, Mr. Godwin Obaseki, has stated that Nigeria must reorient its economy to export semi-finished and finished goods if it wants its dire foreign exchange situation to improve.

Obaseki made the comment while hosting representatives of the Edo South Senatorial District at the Government House in Benin City.

The federal government’s decision to allow the naira to float had caused a severe fall in exchange rates, with $1 worth N945 as of late.

The governor was quoted as saying in a statement: “We can’t wait for the money. The importation of everything cannot come soon enough. Since conditions won’t get better anytime soon, we must export our own. We can improve the lives and future of the people in Edo if we keep working for them.”

He stated that the state administration was devotedly constructing the framework required to boost exports and enhance the state’s economy.

“In two years under the Edo State Oil Palm Programme (ESSOP), we have allocated over 70,000 hectares of land for fresh oil palm plantations. Various investors are now cultivating nurseries in the State. We are developing businesses in Edo State and creating an institution to train our people to work for those businesses.”

The governor went on to say that the state is establishing a strong foundation to support exports, drive productivity, generate jobs, and increase wealth for the Edo people.

Obaseki, meanwhile, expressed gratitude to seven local governments for their assistance over the past seven years.

“I appreciate you all from Edo South Senatorial District for being a source of support all these years, from the very first time I contested to be governor in 2016,” he said.

“In 2020, there was a great deal of support, and it continues now. We have come a long way. We can point to many achievements we have made in the State. Most times, when we rate development work, we are quick to point to physical structures. Thank God we have enough physical structures to point to as an administration, like schools, hospitals, roads and more.

“When we came in 2016, what we take for granted today – which is law and order – was not what we have today. Street trading was rampant. Non-state actors were in charge of our revenue. These activities didn’t attract investment into our State.

“We have transformed our educational system through Edo State Basic Education Sector Transformation (EdoBEST), which is now a global programme and our administration is getting commendation around the globe. We have a lot of achievements to point to in the State.

“The drop-off ratio of students between primary six and S.S.1 was over 50 per cent. That was what we met. We met many of them in the street but the system we have created took care of this, ensuring that even those that can’t further their education will have the skills to take care of themselves in the future. This is our greatest legacy.”