Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.
By Prisca Sam-Duru & Vera Samuel Anyagafu
Special Advisor to Ambassador Peter De Savary of Inward Investment, Grenada, Richard Hallam has disclosed his country’s readiness to establish a mutual trade ties with Nigeria noting that the relationship would give both countries the opportunity to share and benefit from trade and commerce agreement.
Richard Hallam who was in Nigeria, spoke at the Grenada Citizenship by Investment summit organised by Monarch & Co recently in Lagos. He said: “The whole idea of a chamber of commerce is to share business interest between Grenada and Nigeria.
I don’t know what they are right now, they could be many, it’s something we’re exploring, it’s something that is currently being set up and I’m hoping it’s something very productive.”
Hallam further disclosed that, as a very small Caribbean country, the Grenada government is always looking to other countries to help benefit from trade and commerce agreement.”
Explaining why it took this long to show interest to do business with Nigeria, he said, there are 400 countries in the world where Grenada has not gone. It’s just a small Caribbean country so, it’s not so very easy for our ministers to be everywhere all the time. Grenada has long been having excellent relationship with some Asian countries, UK, USA, so I think things will change.”
“The new government we have now is very progressive, it’s a forward thinking development, friendly government. It’s through them that this Scholarship Investment programme is taking place to enable us come to Nigeria and showcase Grenada to West Africa,” he added.
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