(3 Minutes Read)
By investing in domestic industries, Nigeria could reduce its import dependence, strengthen the Naira, and create a more resilient economy.
Nigeria’s currency, the Naira, continues its free fall, trading at 1,700 to the US dollar last week. If current trends persist, analysts predict it could weaken further to 2,000 by next year.
Veriv Africa attributes the decline to Nigeria’s heavy reliance on imports for the devaluation of naira. A strong naira can create a more resilient economy.
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Experts warn that this devaluation could have dire consequences for businesses and worsen the country’s economic outlook. To combat this, they are advocating for a shift toward local production. By investing in domestic industries, Nigeria could reduce its dependence on imports, strengthen the Naira, and create a more resilient economy.
