Block unnecessary hemorrhages to create demand for naira—Dr.Fasua

COMFORT EKELEME

To further firm up the naira, indications has emerged that there is need for the regulatory authorities to block unnecessary hemorrhages and create adequate demand for the naira.

Chief Executive Officer, Global Analytics Consulting Ltd, Dr Tope Fasua in his paper titled, ‘The Agricultural Sector in Nigeria: Survival,Food Security and a Key Buffer for the Naira’,  maintained that there is urgent need to improve confidence and patriotism of the people.

Dr Fasua stated this in Akure at the 32nd Seminar for Finance Correspondence and Business Editors, themed “Exchange Rate Management and Economic Diversification in Nigeria: The ‘Pave’ Option”, said that private models like in China can boast agric productivity.

This is even a he recalled that agriculture contributed N41 trillion to the nation’s N173 trillion Gross Domestic Product (GDP)

23.7 per cent.

Giving the breakdown he said  Crop Production contributed N36 trillion, Livestock  N2.24 trillion,  Fishing  N2.23 trillion and Forestry  N297 billion.

CBN Governor, Mr. Godwin Emefiele had said that Nigeria used to spend

$2.4 billion on rice importation between 2012 – 2015, $997 million on fruit juice importation annually (2014).

Also, N90 billion on cane sugar importation in 2021 to meet local demands, $7.4 billion on fish, toothpicks, furniture importation (2015).

Speaking on how agriculture can help the naira more, Dr. Fasua said import substitution efforts of the government will yeild results.

According to him, the ability to grow agriculture GDP from N41 trillion to at least N100 trillion through ongoing investments will help.

Dr. Fasua also added import substitution plus dollar inflows from export.

He listed issues with the agric sector to include packaging, curruption, commodity board and the recent policy on farmgate purchases.

Speaking further,he noted that agriculture has always been fundamental to human hygiene needs, adding that it is critical to human existence.