President Muhammadu Buhari on Monday said 13 states have been identified to produce rice that will feed the nation in the next 18 months.
Buhari spoke during the breaking of fast dinner with the business community.
According to him, unless the economy is set right, Nigeria will continue to be in trouble.
Despite the ongoing implementation of the flexible policy which has systematically devalued the nation’s currency, President Buhari insisted that he does not see any benefit in the devaluation of naira.
He said: “How much benefit have we derived from naira devaluation in the past? I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naira. In August 1985, the naira was N1.3 to a dollar. But now you need N300 or N350 to a dollar.
“What do we derive from that? And how much benefit can we derive from this ruthless devaluation of the naira? I’m not an economist neither a businessman, I fail to appreciate what is the economic explanation.
“What has happen to us now is that we have maneuvered ourselves into mono economy which led to the collapse we are seeing now.
“A lot of responsibilities now fall on your shoulders now. You have a lot of investments and a lot of people to employ.”
Giving a vote of thanks on behalf of the group, Chairman of Unilever, Kola Jamodu, pledged the support of the group to Buhari’s administration as it strives to take the Nigerian economy out of the woods.

hinwazaka:
MR President, you are right, you are not an economist, so please SHUTUP. You know nothing. For starters, were is your certificate, what was your grade in Economics. Don't talk about things you know nothing of.

49cents:
The Naira was over-valued since oil became Nigeria's main stay and that discouraged diversification and industrialisation whilw promoting importation of everything due to cheap petrodollars

As it stands now, the smartest thing to reverse that trend is to further mark up the dollar to N400 and give tax paillaitives to companies, social buffers to Nigerians in terms of mass transport, housing schemes, food availability and quality education etc

In about 6 years Nigeria will find its self in a superb state

iflywithbuhari:

Do you think you are talking to kids. The dollar should be ramped up to 400naira and palliatives should be given to "Selected Few". Guy, it's people like you, that are leading Nigeria and Buhari to hell.

Keneking:
Simply redecimalise the currency and you get 3.5Naira to 1 USD.

MRSALT:
With the present political structure of Nigeria that encourages laziness? Except Nigeria is restructured to encourage accountability and healthy competition, no economist whether Harvard trained or UNILAG professor will turn around Nigeria Economy. This is not about political affiliations, but about making Nigeria a conducive place for everyone to live, raise their children and enjoy life.

49cents:
The Naira was over-valued since oil became Nigeria's main stay and that discouraged diversification and industrialisation whilw promoting importation of everything due to cheap petrodollars

As it stands now, the smartest thing to reverse that trend is to further mark up the dollar to N400 and give tax paillaitives to companies, social buffers to Nigerians in terms of mass transport, housing schemes, food availability and quality education etc

In about 6 years Nigeria will find its self in a superb state

iflywithbuhari:

Do you think you are talking to kids. The dollar should be ramped up to 400naira and palliatives should be given to "Selected Few". Guy, it's people like you, that are leading Nigeria and Buhari to hell.

JoSaintiago:
pls stop dat rubbish of urs which nigerians ar lazy?u nd buhari need to be flogged and cast into ,,,,..bottomless pit evry day nigerians ar lazy,corrupt,criminal do u know when i started my hustle.just spewing trash in name of comment. El dullarden is a failed,deaf n corrupt(false certificate),criminal(treason) bigot(attack on boko)

quickly:
Rice production is a good start



Nigeria need to create a tourism industry to the standard of south africa and kenya. We should have the best game reseve in africa.

That would make them build world class hotels , world class transportation.

This western countires are always looking for somewhere to spend vacation.

49cents:


What's this fixation with low exchange rates? Is it so that you can buy iPhone for N10000?

Until importation is discouraged by devaluation, no fixed rate of dollar will stand over time...

Nigeria doesn't have an economy yet, if we don't deliberately fast now, we shall be forced to fast later by reality.

Now miss smartypants what is your solution cos your response didn't even suggest one

49cents:


What's this fixation with low exchange rates? Is it so that you can buy iPhone for N10000?

Until importation is discouraged by devaluation, no fixed rate of dollar will stand over time...

Nigeria doesn't have an economy yet, if we don't deliberately fast now, we shall be forced to fast later by reality.

Now miss smartypants what is your solution cos your response didn't even suggest one