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Devaluation of the Naira: We Need to Be Importing Capital - Economist

The Chief Economist and Partner of West Africa Financial Service at PwC, Andrew Nevin has proffered solutions to this economic burden that is Nigeria's weakening naira.

Speaking to Joyce Onyemuwa on the Sunny Side, he buttressed the need for a shift in dependency on oil exports to capital importation as a way to combat the problem. 

According to him, there are too many inconsistencies with our economy. 

"We have lots of things going back and forth, in and out of the economy, said Nevin.

"We have a need for things that are made outside of the country like cellphones, computers, machinery; we are going to have $50 to $60 billion worth of imports every year for the economy to function.

"And there is nothing wrong with that; but we also need to have something that we are giving to the rest of the world to be able to generate that."

"Oil is no longer working because production declines and of course the long term future for it."

Speaking further, he hinted at the possibility of floating the naira as another solution to upping the value of the currency.

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