Nigeria’s Kwara Must Change Group Advocates for Regional Trade in Naira
A pro-democracy group, Kwara Must Change, has called on the Federal Government to collaborate with the Dangote Group to sell its products, particularly petroleum, to African countries in naira. The proposal aims to promote the Nigerian currency across the continent, reduce reliance on the U.S. dollar, and create a more favorable business environment for Nigerian industries.
According to Abdulrazaq Hamzat, the Convener of Kwara Must Change, the initiative is aligned with a broader vision to strengthen the naira’s value and influence in regional trade. Hamzat emphasized that Nigeria’s national interest should be served alongside its regional interest, suggesting that only countries in Europe, Asia, and America should purchase the products in dollars.
“We could potentially strengthen the naira’s value and influence in regional trade, reducing our reliance on the U.S. dollar,” Hamzat said. “Rather than chase foreign exchange, particularly the U.S. dollar, we should focus on making others seek the naira. This would have a much broader impact on our economy.”
Hamzat also noted that the Federal Government’s recent policy approval for the purchase of crude oil in naira for the Dangote refinery and others in Nigeria has made the initiative achievable. He added that the move could help stabilize the naira and encourage other African nations to adopt similar strategies for regional trade.
Kwara Must Change has urged both the government and the Dangote Group to consider this proposal, stating that it aligns with Nigeria’s overall interest. If implemented, the strategy could promote regional economic integration, reduce dependence on foreign currencies, and create a more favorable business environment for Nigerian industries.
The proposal is seen as a significant step towards promoting regional trade and economic cooperation in Africa. By selling its products in naira, Nigeria could potentially increase its economic influence on the continent and reduce its reliance on foreign currencies.
