The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye Esq., has said that recent devaluation of the naira was fuelling food and grain export to West African countries as Nigeria’s food is now the cheapest in the West African, W/A region due to the naira fall.

Oye said this in response to comments by the Nigeria Governors Forum (NGF)., stressing that  while the immediate effect of the devaluation of the naira on exports may be positive, the broader implications of a persistent devaluation are multifaceted.

The NACCIMA President in a statement said the observations made by the NGF highlight a nuanced aspect of currency devaluation, especially its effect on trade competitiveness.

He said, “The observations made by the Nigeria Governors Forum highlight a nuanced aspect of currency devaluation – its effect on trade competitiveness. The devaluation of the Naira, while presenting broad economic challenges, does appear to have inadvertently enhanced the competitiveness of Nigerian food and grain exports within the West African region.

“This phenomenon is rooted in the economics of exchange rates. A weaker Naira means that Nigerian goods become less expensive for buyers using stronger currencies. Consequently, Nigerian food and grains are now more competitively priced when compared to similar products from countries with stronger currencies. This price advantage can lead to an increase in demand for Nigerian exports within the region.”