President Buhari takes a concrete stand on naira devaluation

– President Muhammadu Buhari rejects naira devaluation

– Says developed countries can afford it because of their competition

– Reveals his administration’s plan to cusion the effect of oil fall in the global market

President Muhammadu Buhari has once again reiterated that his government would not devalue the naira, Premium Times reports.

Speaking on February 20, at a Presidential Panel Roundtable on Investment and Growth Opportunities at the opening session of the Africa 2016: “Business for Africa, Egypt and the World” at Sharm El-Sheikh, Egypt, Buhari completely ruled out any though of devaluing the currency.

President Buhari, who stressed his disapproval to naira devaluation, revealed that Nigeria cannot compete with developed countries which are already in production competition among themselves. He stated that developed countries can afford to afford to devalue their local currencies.

“Developed countries are competing among themselves and when they devalue they compete better and manufacture and export more. But we are not competing and exporting but importing everything including toothpicks. So, why should we devalue our currency?” Buhari asked.

The president disclosed that his government was mapping out ways to guarantee national food security before export of food produce to other countries.

President Buhari said the only way Nigeria can escape from the current dwindling oil price in the global oil market because of her dependence on oil revenue is to focus on agriculture. He said with the increasing number of unemployed youths in the country, his administration would also focus on solid minerals development.

“The land is there and we need machinery inputs, fertilizer and insecticides,” Buhari said.

Details here.

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