The federal government has been advised to take urgent steps to overhaul the country’s trade policy in order to enhance foreign exchange inflow and achieve exchange rate stability.
However, speaking in a chat with THISDAY, a former Director General, West African Institute of Financial and Economic Management, Professor Akpan Ekpo, stressed that trade policy was very crucial for any economy. Ekpo said trade policy helped in creating opportunities for entrepreneurs to manufacture and export non-oil products.
Aworinde said, “When you have a trade policy, the implication is that the direction as well as the volume of your trade will go to a particular country or a particular part of the world. This has a lot of implications on the FX market. Former Deputy Governor of the Central Bank of Nigeria , Professor Kingsley Moghalu, in a recent interview on Arise News Channel, stressed the importance of export diversification. Moghalu pointed out that there was need for the country to have education, industrial and trade policies that are in alignment to support the growth of the economy.
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