Nigeria dey face serious challenges as forex crisis stall the country’s participation in the African Continental Free Trade Area (AFCFTA) market, which worth about $3.4 trillion. This information come from exporters who dey lament about the current economic situation.
According to the latest report from the World Bank titled ‘Africa’s Pulse‘, the naira has been listed among the worst-performing currencies in Sub-Saharan Africa for 2024. This devaluation of the naira make it difficult for Nigerian businesses to import and export goods, thereby hindering their ability to participate fully in the AFCFTA.
Exporters dey complain say the lack of foreign exchange and the high cost of getting it make it hard for them to meet their international obligations and take advantage of the opportunities provided by AFCFTA. This situation dey affect not just the exporters but also the overall economy of Nigeria.
The Federal Government and the Central Bank of Nigeria need to find urgent solutions to this forex crisis to help Nigerian businesses compete effectively in the global market and benefit from the AFCFTA agreement.
