Nigeria’s recent foreign exchange (FX) reforms are opening new frontiers for local manufacturers, with made-in-Nigeria goods gaining increased traction across African markets.
This was the key message from Executive Director of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, during a recent episode of Talknomics with Ugodre.
Dr. Yusuf highlighted that the liberalization of Nigeria’s forex regime has made Nigerian products more price-competitive, particularly in neighboring countries, driving resurgence in non-oil exports.
“The reforms are working,” he affirmed.
“We are seeing increased demand for Nigerian goods across the continent, which is a positive development for local manufacturers and the broader economy.”
He pointed to rising export volumes as evidence that Nigerian businesses are starting to benefit from a more market-reflective exchange rate, which has improved the pricing and appeal of locally made products in regional trade.
However, Yusuf was quick to caution that the success is far from complete.
He emphasized that significant challenges continue to hold back broader industrial growth, including skyrocketing energy costs, inadequate infrastructure, and limited access to affordable credit.
“These structural issues are major impediments. They increase the cost of doing business and limit the competitiveness gains from forex reforms,” he explained.
Dr. Yusuf also pushed back against calls to eliminate development finance interventions completely.