The President of Nigeria on
Monday said he did no see any benefit that the country stands to derive from
the devaluation of the naira.
This is despite the
implementation of the flexible exchange rate policy, which has somehow led to
the devaluation of the nation’s currency.
Buhari spoke during the
breaking of the Ramadan fast with members of the business community at the
Presidential Villa, Abuja.
The President said he was
not comfortable with the reports he was getting from the Central Bank of
Nigeria for the devaluation of the currency.
He said the rate of the
naira to the dollar had increased astronomically between August 1985 and now.
The President said, “What do
we derive from that? How much benefit can we derive from this ruthless
devaluation of the naira? I am not an economist, neither a businessman. I fail
to appreciate what is the economic explanation.
“What has happened to us now
is that we have maneuverered ourselves into a mono economy, which led to the
collapse we are seeing now.
“A lot of responsibilities
now fall on your (business community’s) shoulders now. You have a lot of
investments, a lot of people you employ.”
Buhari also said 13 states
had been identified as capable of producing rice that could feed the nation in
18 months.
The Chairman of Unilever
Plc, Chief Kola Jamodu, on behalf of the business community, promised their
support for the present administration in its efforts to revamp the economy.
Jamodu said the support was
necessary because the private sector could not thrive if the economy was in
disarray.
He also lauded the
government’s move to diversify the economy, adding, “We are with you as you
strive to reposition the Nigerian economy. We are very much in support of your
move to diversify the economy.
“I have the mandate of the
group to tell you that we will give you all the support, because if the economy
is in disarray, the private sector cannot survive.”
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