Mudiaga Aluya
Nigeria’s leading manufacturers experienced significant boost in export sales in the first quarter of 2024, largely due to the depreciation of the naira. According to a recent BusinessDay report, financial reports from major companies like Unilever Nigeria Plc, Nestlé Nigeria Plc, Okomu Oil Palm Plc, and Dangote Cement Plc indicated that their combined export revenue surged by 201.1 percent to N387.2 billion, marking the highest increase in almost a decade.
This is a notable rise from N128.6 billion in the same period of 2023. The devaluation of the naira indeed created opportunities, but it also brings challenges, illustrating a complex picture for manufacturing exporters.
One of the advantages of a weaker currency is export competitiveness. The view that devaluing a currency can make a country’s goods cheaper relative to those from other countries, thereby increasing their attractiveness in international markets, might be…
Source: Thisday Newspaper
