Buhari 'Nigeria cannot devalue Naira or compete with developed nations,' President says

He justified his statement by saying developed nations are competing with themselves and when they devalue their currencies they compete better by manufacturing and exporting.

  • Published:
'Nigeria cannot devalue Naira or compete with developed nations,' President says play

'Nigeria cannot devalue Naira or compete with developed nations,' President says

(Today Nigeria)
24/7 Live - Subscribe to the Pulse Newsletter!

President Muhammadu Buhari during the presidential panel roundtable on investments and growth opportunities for Africa 2016 in Egypt stated that Nigeria does not stand a chance competing with developed countries and cannot afford to devalue Naira.

He justified his statements by saying developed nations are competing with themselves and when they devalue their currencies they compete better by manufacturing and exporting.

He further said that it is not wise for Nigeria to devalue its currencies because we import everything and we are in competition with no one.

But we are not competing and exporting but importing everything including toothpicks. So, why should we devalue our currency?” Buhari said.

Buhari emphasized agriculture and the need for local production and efficiency.

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 added that the priority of his administration is to ensure national food security before export of food products.

He added that the way out of this downturn in the global 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

The government recently is being pressured to devalue Naira, but that doesn’t seem like a lasting solution to the economic downturn.

Do you ever witness news or have a story that should be featured on Pulse Nigeria?
Submit your stories, pictures and videos to us now via WhatsApp: +2349055172167, Social Media @pulsenigeria247: #PulseEyewitness & DM or Email: eyewitness@pulse.ng. More information here.