The founder and Chief Consultant at B. Adedipe Associates Ltd. Dr. Abiodun Adedipe, has said that Nigeria is poised to attract more manufacturing companies from across the globe if the Naira becomes stable. 

He stated this at the weekend at a webinar organized by Nairametrics which focused on the policies of the Central Bank of Nigeria (CBN) and its impacts on the economy.  

According to him, the manufacturing sector will be the biggest beneficiary of a stable Naira as that will allow the manufacturers to plan their businesses.

Speaking on the specific sectors that will be impacted by the recent monetary policies of the apex bank, Adedipe said: “My first pick is manufacturing for the good reason that manufacturing thrives when the exchange value of the Naira is stable.  

“A stable Naira enables manufacturers to plan and of course, it means that if the rate is also stabilized at let’s say between N1,050 and N1,250, then there’s the possibility for manufacturers to be able to plan so I expect a lot of traction in manufacturing. 

“But that also is just by the way, the real fact out there is that we see a lot of new manufacturing entities, setting up factories, in some locations within Nigeria, especially the Southwest, and it is quite interesting.  

“So, we expect more of this to happen and a good number of them are also coming from China and of course, Eastern Europe.” 

Adedipe said the second sector to be impacted is the trade sector, being the third largest contributor to the country’s GDP. 

“Now trade remains the most important because of the consumption habits of Nigerians. High import content of what we consume is unlikely to change overnight. It then means that as the exchange value of the Naira stabilizes, we will see an increase in demand for non-oil products and services,” he said