Johnson Chukwu
Johnson Chukwu, CEO at Cowry Asset Management says Nigeria is experiencing dollar shortages as a result of very low supply, with declining Diaspora remittances one of the major reasons.
[bc_video video_id=”6212597279001″ account_id=”6116119081001″ player_id=”CJdhmO46zo” embed=”in-page” padding_top=”56%” autoplay=”” min_width=”0px” playsinline=”” picture_in_picture=”” max_width=”640px” mute=”” width=”100%” height=”100%” ]
While speaking exclusively to Arise News, the policy analyst attributed the low supply compared to demand, to the fall in the proceeds of crude oil sales as a result of lower prices and production, a drop in portfolio investment as investors flee the Nigerian markets and a decline in Diaspora remittances, as Nigerians abroad lose jobs from the Covid-19 pandemic.
Analysts have called on Nigeria to diversify its forex supply to the economy by increasing domestic projects and economic activities that generate more foreign exchange or that are import substituting.
Africa’s most populous country is also faced with the task of creating more investment options for both foreigners and domestic economic agents.
Lillian Jijingi
Follow us on:
Indonesia is evacuating 16,000 residents after Mount Lewotobi erupted, resulting in nine deaths and significant…
The Philippines is stockpiling food, evacuating towns, and deploying soldiers in preparation for Typhoon Yinxing,…
Harris has concluded her campaign in Philadelphia while Trump gathers support in Michigan as election…
A Pennsylvania judge has approved Elon Musk's plan to give away $1 million in support…
The Israel Hostages Group has urged for an investigation after a Netanyahu aide allegedly leaked…
Japan has launched LignoSat, the world’s first wooden satellite, to explore timber's potential in sustainable…