₦airaland Forum

President Muhammadu Buhari has assured that his government will not devalue the Naira, stressing that the priority of his administration was to ensure national food security before export of food products.

Buhari said Nigeria needs to export more and not import more, He said that administration had been quite focused on three fundamental issues of securing the country, reviving the economy and stamping out corruption.


“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.

what are your thoughts on his economical revolution....genius or flop?

source: http://www..com/2016/02/political-genuis-or-flop-read-buharis.html

I concur. Its simple analogy. Looking more likely d shellacking of d naira was even deliberate so as to discourage our inordinate binge-ing on importation. Recall d part in his comment where he said those who want to keep using luxury goods can continue buying them.

cckris:
Buhari deliberately DESIRES TO BE IN CONTROL of production and distribution of Goods & Services in Nigeria, the same pseudo Socialism that HOLD CITIZENS DOWN, & prevents people from EXPLORING & EXPLOITING naturally arising Skills, Opportunities, & Resources. And he doesn't have the money to meet even the BASIC NEEDS of 25% of the 170 million population that is rising fast. This unCHANGEABLE MARXIST is stoking an avoidable uprising.

Marxist ko, Stalin ni.
A derica measure of imported rice is fluctuating between 180-200 but beans is still 150, the reason is that polish rice is imported while the beans is grown in Nigeria.

I don't think Nigerians have the required patience for this.....we just want everything sharp sharp

I dont think that the price of rice and beans has ever been the same.
My own opinion though.

7lives:
Marxist ko, Stalin ni.
A derica measure of imported rice is fluctuating between 180-200 but beans is still 150, the reason is that polish rice is imported while the beans is grown in Nigeria.

It's actually simple common sense.

If you're not producing goods for export, what is the essence of devaluing your currency for goodness sake? What goods are you making more attractive to foreigners to earn more forex?

Buhari is not a genius for this policy because it's supposed to be common sense, if not for the mass ignorance of wailers and iPod touts alike.

that is the man I voted for and will vote for him again. he give you genuine reason why he stands his ground. most economist will not tell us this, they will only tell us want will bring sharp and short term solution. when we hear of Nigeria of the 70 and early 80s, we all want that but that was when Nigeria was exporting rather than importing.

fulanimafia:
It's actually simple common sense.

If you're not producing goods for export, what is the essence of devaluing your currency for goodness sake? What goods are you making more attractive to foreigners to earn more forex?

Buhari is not a genius for this policy because it's supposed to be common sense, if not for the mass ignorance of wailers and iPod touts alike.

dont mind them,,,wailers is mad and lack common sense....

Sai Baba.. Sai Buhari .. wailers do the needful. .

cckris:
Buhari deliberately DESIRES TO BE IN CONTROL of production and distribution of Goods & Services in Nigeria, the same pseudo Socialism that HOLD CITIZENS DOWN, & prevents people from EXPLORING & EXPLOITING naturally arising Skills, Opportunities, & Resources. And he doesn't have the money to meet even the BASIC NEEDS of 25% of the 170 million population that is rising fast. This unCHANGEABLE MARXIST is stoking an avoidable uprising.

How does devaluing the naira achieve the nonsense you posted up there

fulanimafia:
It's actually simple common sense.

If you're not producing goods for export, what is the essence of devaluing your currency for goodness sake? What goods are you making more attractive to foreigners to earn more forex?

.

Devaluation can achieve MUCH MORE than export drive. Ask the Fulanis that know how it happened in other countries. But ain't copy & paste.