NANTA Boss Tasks FG On Forex Stability

The Federal Government has
been enjoined to urgently and deliberately formulate a policy framework on the foreign exchange and the interest rate in order to attract investors to the country.
The Chairman, Board of Trustees of the National Association of Nigeria Travel Agencies (NANTA), Mr Steve Isokariari made the assertion in a chat with our correspondent in his office in Port Harcourt, Friday.
Isokariari said as travel and tours operators, the exchange rate of the dollar to Nigerian currency is affecting all business operators in the country, thereby forcing many companies to close down their operations and sending scores of persons to the unemployment market.
According to him, Nigeria has the potentials but lacked development, sight and sound, adding that the leadership should work seriously to ensure production, manufacturing and agriculture so as to help the economy of the nation develop and grow in all sectors.
The tourism expert, who is also the Chief Executive Officer of Dial Travel Bureau Limited noted that Nigeria that is one of the countries that has double digit interest rate, however also prevents the growth in the economy since we are producing few things, stressing that Nigeria can move forward if the authorities seriously engage the youth into all areas of production and farming especially agriculture in order not to over-depend on the oil.
Isokariari lamented that the high interest rate of foreign exchange has affected many businesses including factories, oil and gas sector as well as aviation because some airlines currently could not import spare parts, equipment and other machineries for their services, thereby winding up their operations in the country.
“Currently, to travel from Nigeria to America is about N800,000 to N1.3 million as against N300,000 recently charged, which of course is affecting a number of travellers from the country,” he opined, pointing out that even those who want to travel after buying their tickets could not do so due to the difficulties in accessing foreign exchange for their journeys.
Isokariari disclosed that between April and August 2014 and all through 2015 there was high sales in the aviation sub-sector that is the travels and tour operators, but that the reverse is the case in 2016.

Collins Barasimeye