To diversify the economy, the Federal Government is collaborating with rice-producing states in the North to step up the commodity’s production.
Self-sufficiency in rice and wheat production, according to Vice President Yemi Osinbajo, would ease the pressure on the naira.
The naira currently exchanges for N197 to the dollar at the official market.
It is over N200 to the dollar at the parallel market.
Osinbajo said the naira which has plammeted against major currencies would gain value, by moving away from the current mono-product economy; ensuring an increase in earnings; exporting more products and driving infrastructural development through local and foreign direct investment.
The vice president, who spoke in Enugu, said President Muhammadu Buhari’s economic policies would produce a stronger naira and by earning and exporting more the currency’s value will improve.
The government, he said, was exploring self sufficiency in rice and wheat production which would also help in strenghtening the naira. “We are trying to ensure that we are self-sufficient in
rice and wheat production, so that there will be less pressure on the dollar. One of the major issues is that we have to earn more foreign exchange to raise the value of the naira. We also have to do more
business internally to raise the value of the naira. So diversifying the economy is an important way to strengthen the value of the naira,” he said. Click to signup for FREE news updates, latest information and hottest gists everyday
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I'm surprised that the VP is so naive when it comes to the economy. How much of our Fx do we use for rice and wheat importation? What we need immediately is the revamping of the economy by the private sector. Bring out immediate policies that will encourage increased production in the local economy.
ReplyDeleteAnd your the expert? So our spending annually, N365 billion on rice and N1.65 trillion on wheat & sugar is okay? It shouldn't be reduced so that there is less pressure on the value of the naira? Come on, the guy was not generalising, he was merely talking about one aspect of the economy. Calling someone naive, when we haven't seen or heard any of your "expert " works is like taking the piss in the wind. Social media opinions don't count
DeleteYemi Osinbajo, erudite professor of rice and wheat production, first in Africa.
ReplyDeleteThey lifted total ban on rice importation, how would this help local production considering the fact that the cost of producing rice locally is higher than the imported one thereby discouraging local production.
ReplyDelete