Organised private sector says flexible forex policy will save economy

The organized private sector in Nigeria has called for a flexible foreign exchange (forex) policy to save the economy from further decline. According to a statement issued by the Manufacturers Association of Nigeria (MAN), a leading private sector organization, a flexible forex policy will help to stabilize the economy and boost economic growth.

The statement, which was signed by the Director-General of MAN, Segun Ajayi-Kadiri, noted that the current forex policy, which is based on a fixed exchange rate, has led to a shortage of foreign exchange, which has resulted in a decline in the value of the naira and a rise in inflation.

The private sector organization argued that a flexible forex policy will allow the naira to float freely in the foreign exchange market, which will help to stabilize the exchange rate and attract foreign investment. This, in turn, will help to boost economic growth and create jobs.

The statement also noted that a flexible forex policy will help to reduce the country's dependence on imported goods and services, which will help to conserve foreign exchange and promote local production.

The private sector organization also called on the government to implement other economic reforms, such as reducing the cost of doing business, improving the business environment, and increasing investment in infrastructure.

The statement read in part:

"We urge the government to adopt a flexible forex policy that will allow the naira to float freely in the foreign exchange market. This will help to stabilize the exchange rate, attract foreign investment, and boost economic growth.

"We also urge the government to implement other economic reforms, such as reducing the cost of doing business, improving the business environment, and increasing investment in infrastructure. These reforms will help to promote local production, create jobs, and reduce poverty.

"We believe that a flexible forex policy and other economic reforms will help to save the economy from further decline and promote sustainable economic growth."

The statement was signed by the Director-General of MAN, Segun Ajayi-Kadiri, and was issued on behalf of the organization's members.