Muhammadu Buhari has reiterated that his position not to approve further devaluation of the Naira President stands.

Buhari said that Nigeria, which is not an exporting nation, would be worst hit if the Naira was devalued.



He noted that only the Western countries, with lots of items to export, could benefit from the economic measure.

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, the President asked Nigerians, who have developed taste for foreign luxury goods, to continue to pay for them rather pressure government to devalue the Naira.

“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”.

Buhari 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.

Responding to a question on his performance since he assumed office, the President said that his administration had been quite focused on three fundamental issues of securing the country, reviving the economy and stamping out corruption.

chidekings:
truth is whether we devalue or not,we just pray for a miracle from the middle east

Aufbauh:
Ironically those clamoring for the devaluation are still the ones that have brought the naira to this sorry state.
When we had oil boom in the recent past, those short sighted and lazy criminals rally importation instead of investing in local productions.
The likes of Ben Bruce fail to discover his common sense then to patronize Innoson and Aba made probably because there was plenty in the land to throw around to Europe and America.
The fall of the naira will definitely herald the rise of Nigeria and Nigerians. We must look inward to grow the naira.
With the high rate of unemployment in the country we must discourage foreign dependent policies and practices. Local productions means gainful employment for the locals.
People needs to be engage and taken off the streets, in this way they will see themselves as stakeholders in the Nigerian project and will buster their patriotism.

chidekings:
truth is whether we devalue or not,we just pray for a miracle from the middle east

Gombs:
Make sure you don't take the war to the creeks... If you do, I promise you, you'd devalue the naira faster than light.

myopinion2011:
d same way u were urged to removed subsidy u declined, because u once nailed past administration about it, later u removed it without making noise. I'm sure, u will stil yield, because u are yet to understand d economics dat it contains.

Jusmudi:
Hw many origin do u want

Gombs:
Make sure you don't take the war to the creeks... If you do, I promise you, you'd devalue the naira faster than light.