South East Businesses Reaping Benefits Of Exchange Rate Unification – Arodiogbu

The National Vice Chairman of the All Progressives Congress (APC) South-East and the APC Presidential Campaign Council (PCC) South-East Zonal Coordinator, Dr. Ijeomah Arodiogbu, MBBS, PhD, has described the unification of Nigeria’s foreign exchange rate under President Bola Ahmed Tinubu’s administration as a major blessing to businesses in the South-East, particularly Igbo importers and manufacturers.

Speaking in a statement issued in Owerri, Dr. Arodiogbu said the policy has brought greater transparency, reduced arbitrage opportunities, improved access to foreign exchange for genuine businesses, and created a more predictable operating environment for traders and industrialists across the region.

“The multiple exchange rate regime of the past created uncertainty, encouraged rent-seeking, and made it difficult for honest importers and manufacturers to plan. The unification of the exchange rate has restored sanity to the market and given our people a level playing field,” he stated.

He noted that South-East businesses, known for their resilience in commerce and manufacturing, have begun to reap the benefits through more stable input costs, improved competitiveness of locally made goods, and reduced losses previously incurred from sharp disparities between official and parallel market rates.

He stated that testimonies from Igbo business moguls over the policy is encouraging. In Onitsha, Anambra State, a prominent importer of building materials and electronics, Chief Chukwudi Okeke said the policy has reduced the uncertainty that previously crippled his business.

“Before the unification, we were always at the mercy of black market rates that could jump overnight. Now, there is better clarity. I can plan my imports properly and pass more stable prices to my customers. This is a welcome development for Onitsha traders,” Chief Okeke said.

In Aba, Abia State, Mrs. Ngozi Eze, a manufacturer of garments and leather products at the Ariaria International Market, described the unified rate as a boost to local production.

“As manufacturers, we import raw materials. The old system made costing a nightmare. With the unified rate, we now have a clearer picture of our expenses. Many of us are expanding production because the environment is more predictable. It is encouraging us to look inward and grow Made-in-Aba products,” she stated.

In Lagos, where a large number of Igbo traders operate in markets such as Alaba and Trade Fair, Mr. Emeka Nwosu, an importer of household appliances, said the policy has reduced the heavy losses previously suffered by many of his colleagues.

“Many of us in Lagos were losing money because of the wide gap between rates. The unification has brought some order. We still face challenges with liquidity, but at least the rate is more transparent. For Igbo businesses in Lagos, this is a step in the right direction,” Nwosu said.

In Kano, a major commercial hub with a significant Igbo trading community, Mazi Ifeanyi Okonkwo, who deals in textiles and spare parts, shared a similar experience.

“Igbo traders in Kano have always been industrious. The multiple rates used to create confusion and open doors for middlemen who exploited the system. The unified exchange rate has helped us operate more openly. Our businesses are breathing a little better now,” Okonkwo testified.

Dr. Arodiogbu urged South-East business communities to take full advantage of the improved policy environment by investing more in local manufacturing, value addition, and export-oriented enterprises. He also called on the Central Bank of Nigeria to continue measures that will deepen liquidity in the foreign exchange market so that genuine businesses can access dollars more easily.

He reaffirmed the APC South-East’s support for President Tinubu’s economic reforms, describing them as necessary though initially painful measures that are gradually repositioning Nigeria for sustainable growth.

“Our people are hardworking and entrepreneurial. What they need is an enabling environment. The unified exchange rate is one of the policies delivering that environment, and the testimonies from Onitsha, Aba, Lagos and Kano confirm that it is already a blessing to South-East businesses,” Dr. Arodiogbu concluded.