Export or perish! Nigeria has mouth-watering basket of goods to export and must seize the opportunity provided by the African Continental Free Trade Area agreement. We lost out on the American the African Growth and Opportunity Act , hence we must not lose out on AfCFTA. The country must also use the digital economy for massive “invisible” export earnings. To take that leap from consumption into production, it is now or never for Nigeria.
In navigating a way out, we must answer the most essential of questions, which is: “What is to be done?” Hard-pressed nations boxed into a tight corner have had to answer the same question. While in a similar balance of payments disequilibrium in the 1960s, the Prime Minister of India, Jawaharlal Pandit Nehru, famously admonished the nation to either export or perish.
President Bola Tinubu must now flog the same position, as we try to find a way out of the present crisis. That there is a crisis cannot be denied; the position of the United States bank, JP Morgan, that Nigeria has only N3.4 billion in its foreign exchange reserves contradicts the position of the Central Bank of Nigeria , and it is very important for the CBN to issue a detailed clarification on this.
Institutions matter. Nigeria needs strong institutions to be competitive. A reformed law enforcement arm and an agile judiciary are crucial to creating a competitive business environment. Seventy two per cent of commercial cases in London have nothing to do with the United Kingdom. In the UK, the judiciary is responsible for 2% of the foreign exchange earning.
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