Nigeria’s President, Muhammadu Buhari, has given reasons he opposes the devaluation of the Naira, emphasising that his country cannot compete favourably with other producing nations.
President Buhari spoke on Saturday while contributing to 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.
“Nigeria cannot compete with developed countries which produce to compete among themselves and could 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?” the President asked.
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“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 stated that those who had developed taste for foreign luxury goods should continue to pay for them rather than pressuring government to devalue the Naira.
SEE ALSO: Buhari regrets dwindling oil production for local use
He expressed optimism that Nigeria would get out of its current economic downturn, pointing out that another major problem militating against economic revival was the huge resources deployed towards tackling insurgency and international terrorism.
Present at the talks were Egyptian President, Abdel-Fattah El-Sisi, presidents of Gabon, Equatorial Guinea, Sudan and the Prime Minister of Ethiopia.
The President of the African Development Bank, Dr. Akinwumi Adesina, also addressed the participants.


Source: https://www.today.ng/news/national/82399/buhari-explains-why-he-opposes-naira-devaluation

LRNZH:
PMB is saying the right things.
This is the way to go only and a big only if the FG can implement the changes that will boost exports.

Imagine, every time I go abroad I see packaged palm oil from Malaysia and Ghana but not from Nigeria. The list is endless.

God Bless Us All.

that palm oil own really makes me mad when you realise many palm plantations lying fallow from states that emerged from the old eastern region

asha80:
that palm oil own really makes me mad when you realise many palm plantations lying fallow from states that emerged from the old eastern region

I first noticed the in flux of imported palm oil into Nigeria last year. I still see them especially here in the north. It's so appalling

It all boils down to laziness and lack of creativity. We prefer imported products and would go to all length to procure imported items.

I believe this is an opportunity for us to develop in house. It is only a challenge and not a problem. Only Nigerians can solve its problems. We must begin to make products that the world would love and die to buy and not the other way round.

Devaluation would cripple us.

My believe and my take is that this economy will get better on the long run. A lot of local industries re waking up this days to meet up with the productions of customer's demands but the only thing that will fasten the awakening of more local industries is

Power? Constant power.

Let there be constants light in nigeria if you really wants to encourage local/infants industries in nigeria.
Power is the solutions to it.