Renowned Nigerian professor, entrepreneur, and investor Ndubuisi Ekekwe has underscored significant economic challenges facing Nigeria in a recent statement. Speaking on the drastic depreciation of the Naira against major currencies, Ekekwe noted that from 1973 to 2015, the exchange rate hovered around N200/$1. However, between 2015 and 2024, this rate soared to N1,600/$1, severely impacting business operations and citizen purchasing power across the country.
Ekekwe highlighted the profound implications for retirees and pensioners, illustrating that delayed payments since 2015 have effectively eroded over 60% of their intended benefits. He emphasized that these economic shifts not only affect individuals but also hinder Nigerian manufacturers’ competitiveness regionally. Ekekwe pointed to the establishment of West Africa’s largest textile factory in Benin Republic’s Cotonou, which threatens the survival of Nigeria’s remaining textile industry due to competitive advantages in neighboring countries.
Moreover, Ekekwe drew attention to logistical challenges, noting that Togo’s Port of Lome has surpassed Nigeria’s ports in efficiency, attracting Nigerian importers seeking faster clearance processes. This shift has led to increased costs for Nigerian businesses, who now face international duties, contrasting with the largely duty-free benefits under ECOWAS agreements.
Reflecting on regional dynamics, Ekekwe highlighted how neighboring countries such as Mali, Niger, and Burkina Faso have redirected their trade routes away from Nigeria towards North African counterparts, citing advantageous currency exchanges with the CFA Franc. He stressed the urgency for Nigeria to pivot towards regional economic strategies amidst growing competition from both neighboring and international markets.
In conclusion, Ekekwe urged Nigerian policymakers and businesses to prioritize regional competitiveness and strategic economic partnerships to mitigate the adverse effects of currency depreciation and regional economic shifts.
Ndubuisi Ekekwe is a distinguished professor, entrepreneur, and investor based in Nigeria, known for his insights into economic trends and business strategy. His work spans across academia, entrepreneurship, and innovation, contributing significantly to Nigeria’s economic discourse.
