NAIRA DEVALUETION: I Will Not Devalue The Naira – Buhari Insists

President Muhammadu Buhari has for the
umpteenth time reiterated that he will not be
devaluing the Naira.
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

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Benue Blog Portal: NAIRA DEVALUETION: I Will Not Devalue The Naira – Buhari Insists
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