Why Naira Devaluation is a Bad Idea – President Buhari
Nigeria’s President Muhammadu Buhari has reiterated his decision not to devalue the Naira.
Speaking at a Presidential round-table discussion in Egypt, Buhari said Nigeria needs to export more and not import more.
“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?”, the President said.
“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”.
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, fertilizer and insecticides,” he said.
He maintained that his administration had been quite focused on three fundamental issues of securing the country, reviving the economy and stamping out corruption.