By BENJAMIN ORISEMEKE, Abuja –
Chief Executive Officer, Cowry Assets Management Limited, Mr Johnson Chukwu has said that a strong manufacturing sector will lead to increase in employment levels and reduction in value of imports.
Chukwu who stated this while presenting a paper tagged “Impact of Vibrant Manufacturing Sector in countries External Sector”, said such arrangement will help to increase value of exportable products and stabilise exchange rate.
He explained that apart from having a low interest rate , strong industrialization will bring down inflation rate, and an increase in foreign direct investment.
He however noted that strengthening the external sector will reduce the value of export, improve FDI as well as increase local labour export.
Mr Chukwu noted that the external sector influences the domestic sector through exchange rate, inflation, interest rate, employment and productivity.
For Nigeria to achieve stability, “we must have a robust forex reserve , to have robust forex reserve, we must have a strong external sector and to have strong external sector, we must have a vibrant industrial sector.
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