Nigerians should do more exportation to increase FOREX earnings- Economist



An Economist, Prof. Mike Obadan, has urged Nigerians to be more involved in exportation of goods and services than importation to increase the country’s exchange earnings.

Obadan, a Non-Executive Director of the Central Bank of Nigeria (CBN) made the call in an interview with the News of Nigeria (NAN) in Benin on .

He said the more exchange the country earned, the more positive the effect would have on the value of the Naira.

“There is insufficient exchange reserve in the country; it is not earning exchange the its citizens are demanding foreign exchange for importation.

“The marginal propensity to import goods and services is   much higher than the propensity to export and earn foreign exchange and this is having negative impact on the .

“The stock of foreign exchange earnings has been depleted to a level that deserves some concern,” he said.

Obadan said that low foreign exchange earnings coupled with the high inflation rate would continue to impact negatively on the country’s exchange rates compared with nations.

He therefore urged exporters to key the different Federal Government’s export promotion incentives and loans to boost export of non-oil products from the country. (NAN)