The Central Bank of Nigeria (CBN) has urged businesses to explore export opportunities as a way of taking advantage of the weak naira.

The advice was given by Muhammad Abdullahi, Deputy Governor, Economic Policy at CBN, while highlighting the benefits of a weakened naira for businesses.

Abdullahi spoke at the 11th National Economic Outlook: Implications for Businesses in Nigeria 2025, organised by the Chartered Institute of Bankers of Nigeria Centre for Financial Studies in Lagos State.

“The unification of exchange rates, coupled with a focus on exchange rate stability, presents transformative opportunities for businesses,” he said.

“Drawing from China’s economic strategy, Nigeria’s competitive exchange rate can drive export-led growth.

“While a depreciated naira may increase import costs, it makes Nigerian goods more affordable and attractive globally.

“To harness this potential, businesses should adopt export-oriented strategies by targeting sectors with strong export potential such as agriculture, manufacturing and creative industries; implement import-substitution models by strengthening domestic production capabilities and reducing reliance on costly imports; and focus on value addition by shifting from exporting raw materials to processed goods, thereby boosting foreign exchange earnings.”

He also urged individuals to tap into the many opportunities that abound in Nigeria’s expanding entertainment and creative sector.

“This sector holds immense potential. Businesses should explore international markets, digital platforms, and global tours to increase revenue,” he said.

Abdullahi also hinted at a possible growth in the agriculture sector due to ongoing reforms and reduced inflation.

He said,“Emphasising processed agricultural exports can significantly enhance foreign exchange earnings. Similarly, the fintech sector, supported by rising mobile money adoption and financial inclusion initiatives, will continue to drive economic development.”