Home Business Revival of ailing industries will strengthen currency

Revival of ailing industries will strengthen currency

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Mr Promise Amahah, an economic expert says revamping ailing industries and economic diversification in the country will help to strengthen the value of the Naira among world currencies.

Amahah stated while reacting to the fall of the Naira amid COVID-19 pandemic during an interview with newsmen in Abuja on Tuesday.

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The Naira exchanged for about N387 to a dollar in the foreign exchange market as at Aug. 3.

He advised the Federal Government to also sustain the tempo in its diversification drive in different sectors of the economic to further boost the economy.

He said that the revamping of all ailing industries in agriculture, textiles, IT, education among others would create more jobs, open investment as well as raise the value of the Naira.

“The fall of the Naira did not just happen overnight. When Naira was stronger was when we had Peugeot Automobile Nigeria, Volkswagen Nigeria, Dunlop Nigeria Ltd, Michelin Nigeria, Bata and Lennards.

“Our Naira had value when we had Nigerian Airways, Steel Rolling Mills; Osogbo Steel Rolling Mill, Ajaokuta steel, Arewa Textile Mill, BEREC Batteries, General Motors and Kingsway among others,” he said.

Amahah, who is the Chief Executive Officer of Strategy Worth and Technology (SWAT), lauded Federal Government for its move to revive Ajaokuta Steel Company.

The expert said the commitment by the Central Bank of Nigeria to revive Nigerian Cotton Textile and Garment industries was the right step in the right direction.

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