President Muhammadu Buhari has reiterated his stand on the idea of officially devaluing the naira and ‘throw it to the dogs’ as it were, for market forces to determine its worth.
According to him, Nigeria cannot compete with developed countries which produce to compete among themselves and can afford to devalue their local currencies.
He added that those who have developed taste for foreign luxury goods should continue to pay for them rather than 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 asked.
The president who spoke 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 in Egypt, further 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.”
Responding to a question on his performance since he assumed office, the President said that his administration has been quite focused on three fundamental issues of securing the country, reviving the economy and stamping out corruption.
“The message on corruption has been driven home vividly and Nigerians are very acceptable to the message,” he said, adding that those accused of stealing public funds are cooperating by voluntarily providing useful information while investigations and prosecutions are ongoing.
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