He said Nigeria cannot compete with developed countries which produce to compete among themselves and can afford to devalue their local currencies.
According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke on Saturday while contributing to a Presidential Panel Roundtable on Investment and Growth Opportunities at the opening of the Africa 2016: Business for Africa, Egypt and the World at Sharm El-Sheikh, Egypt.
Buhari was quoted as saying that Nigeria could not afford to devalue its currency because the country imports everything, including toothpicks.
He said, “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?
“We want to be more productive and self-sufficient in food and other basic things such as clothing.
“For our government, we like to encourage local production and efficiency.”
The President added that those who have developed taste for foreign luxury goods should continue to pay for them rather than pressure government to devalue the naira.
He added that the priority of his administration is to ensure national food security before export of food products.
He stressed that Nigeria being a mono-economy dependent on oil, and with a teeming unemployed youth population, the way out of the current slump in the global oil market, is for the administration to focus on agriculture and solid minerals development.
“The land is there and we need machinery inputs, fertiliser and insecticides,” he said.
Buhari expressed optimism that Nigeria would get out of its current economic downturn.
He noted that another major problem militating against economic revival is the huge resources deployed towards fighting insurgency and international terrorism.
He, however, commended the support being received from the international community in the administration’s fight against terrorism as well as cooperation in tracing looted funds stashed away in foreign countries.
Responding to a question on his performance since he assumed office, the President said that his administration has been quite focused on three fundamental issues of securing the country, reviving the economy and stamping out corruption.
“The message on corruption has been driven home vividly and Nigerians are very acceptable to the message,” he said.
He added that those accused of stealing public funds are co-operating by voluntarily providing useful information while investigations and prosecutions are ongoing.
In his opening address at the Forum, the Egyptian President, Abdel-Fattah El-Sisi, said Africa needs to concentrate on transforming into knowledge societies using innovation and research.
The Presidents of Gabon, Equatorial Guinea, Sudan and the Prime Minister of Ethiopia also participated at the Roundtable.
In his opening message, the President of the African Development Bank, Akinwumi Adesina, said that “Africa must think big, act big and develop big.”
Before departing Egypt, Buhari and his Egyptian host, had a bilateral discussion on security, military cooperation, agriculture and solid minerals development Click to signup for FREE news updates, latest information and hottest gists everyday
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Lol...you fg's made it so....there are many things that are produced in that country but you don't patronise them so you are to blame for the woes of the country...you can start by cautioning dangote and others that import rice and other stuff into the country
ReplyDeleteNigerians don't yet get this government's reasoning about FOREX: That CBN will provide FOREX at the controlled rate (USD1=NGN197) for imports that it considers really necessary. Whatever CBN is unable to provide FOREX for are deemed unnecessary and whoever wants them can source his FOREX at any price from anywhere. So, as far as this government is concerned, the $1=NGN390 being bandied around is only for imports the government deems unnecessary.
ReplyDeleteThis government policy would only be effective if those imports the government deems unnecessary are banned outright. Force everyone who eats rice to eat Nigerian-grown rice while the government assists the rice produces and millers to produce world-class rice, for example. Ban import of textiles while assisting local textile factories to raise the quality of their products. These are just examples. Overall, the idea is to help local manufacturers attain international standards and ban import of products for which there is local production.
Only if these visionless political rulers can create an enabling environment. They are busy looking to import their favourite luxury cars and women.
DeleteI have always opined that Nigeria is a zoo and if not careful will collapse in months.
ReplyDeleteThere has been massive investment in agriculture and those living abroad has been investing in naija bcos of the high exchange rate rounding up to settle down at home. Its a good idea from FG but it will take little time and tough.
ReplyDeleteThe price of imported material will ban the product itself as no one will buy them bcos of the price increase as a result of high exchange rate
For a better Nigeria, it begins with you.
ReplyDeleteGood decision by Mr President..
ReplyDeleteGhana devalued their currency and see where it has landed the country.. They are seriously struggling.. The cedi has seriously depreciated.. The country is surviving on loans..