Head of Nigerian trade body backs country’s currency reform plan

By Gokhan Ergocun

ISTANBUL (AA) – Nigeria's currency reform plan will be better for the country as it will make sure the naira trades freely in the long term, according to Dele Kelvin Oye, chairman of the Nigeria Association of Chambers of Commerce (NACCIMA).

Speaking at the Türkiye-Africa Business and Economic Forum last week, Dele Kelvin Oye said that new moves do bring some challenges but their long-term effects can help resolve problems.

The currency move is far better and more sustainable in the long term as every person coming to do business in Nigeria will see the real value of naira, he told Anadolu.

“So you can now do your business with calculations, without government interference,” he said.

The International Monetary Fund has also supported Nigeria’s recent currency reforms by giving recommendations for additional measures to address the current economic challenges.

The currency reform plan was revealed by President Bola Tinubu, who took office in late May, while his government has also removed fuel subsidies and shifted toward free market currency rates.

- Right country to invest

People can expect good policies coming out of Nigeria, Oye said, noting that the government has already showed that it will pursue policies to boost business.

Nigeria is the largest country in Africa in terms of GDP and it also has a huge entrepreneur base, huge population, huge market, he emphasized.

“For any person wanting to do business in Africa, if you don’t start from Nigeria, you’re obviously starting from the wrong place,” he asserted.

"We have the manpower, the environment, democracy, freedom and everything, so what incentives else do you need?”

He specifically called for Turkish businesspeople to look into Nigeria’s potential, stressing that the two countries have a shared history and close ties.

Türkiye is a regional leader within its geographical area, while Nigeria has a similar place in West Africa, he said.

“We have so many things in common, and most importantly, between the Nigerians and Türkiye, there is no history of colonizing, added Oye, who is also the head of the Nigeria-Türkiye Business Council.