The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has kicked against further devaluation of the naira as being suggested by the European Union (EU). It is akin to prescribing death for survival, the group said.
Chairman, National Economic Recovery Committee, Prince David Iweta, who spoke in Lagos, said any further devaluation of the naira without a vibrant export base is a call on the Federal Government to embark on a suicide mission.
Last week, an EU official, Mr. Fillipo Amato advised the Federal Government to consider naira devaluation as a way of getting the country out of recession.
Prince Iweta, who is also the first Deputy President, Southsouth Chamber of Commerce, said the policy of the Central Bank of Nigeria (CBN) has seen the value of the naira dip from N197 to about N320.
He lamented that an essential commodity, such as petrol cannot access foreign exchange (forex) at the rate of N320 to the dollar, adding that owing to what is called floating rate, the naira is floating at between N450.00 and N500.00 to the dollar, adding that this has led to hyper-inflation and dearth of forex.
“I request that Mr. Fillipo Amato to channel 50 per cent (22billion Euros) of the 44billion Euros launched on September 14 under the European External Investment Plan(EEIP) to Nigeria,” he said.
“This will support the private sector initiative as guarantees for plant and machinery to produce non-oil commodities for export out of Nigeria that will create jobs and earn forex that will strengthen our naira instead of devaluation.
“The EU should as a serious business collaborate more with the private sector directly for effective and successful use of funds mobilised for private sector developmental activities in Africa through private sectors bodies such as NACCIMA, and not through government and its agencies as such funds evaporates without achieving its purposes,” he added.
