Tag: economy

Nigeria derived no benefit from previous devaluations of the Naira – President Buhari

President Muhammadu Buahri insisted Friday in Abuja that he was yet to be convinced that the vast majority of ordinary Nigerians will  derive any tangible benefit from a devaluation of the Naira.

Speaking at a meeting with members of the Council of Retired Federal Permanent Secretaries, President Buhari said that he still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State.

“When I was military Head of State, the IMF and the World Bank wanted us devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria.

“The Naira remained strong against the Dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued.

“But how many factories were built and how many jobs were created by the devaluation?

“That is why I’m still asking to be convinced today on the benefits of devaluation,”  President Buhari told the retired Permanent Secretaries led by Otunba Christopher Tugbobo.

President Buhari welcomed the Council’s pledge of support for the successful implementation of his administration’s Change Agenda, especially in the priority areas of improving security, curbing corruption and revitalizing the national economy.

“I am glad you have rightly identified the key issues we campaigned on.

“We need a dynamic bureaucracy  which will not mislead us into taking wrong decisions,” the President said.

The Council of Retired Federal Permanent Secretaries was established in 2004 to serve as a platform for retired permanent secretaries to offer constructive advice to government on key policy issues.

Chief Philip Asiodu, the Pioneer Chairman of the Council, said that its members want the present Administration to succeed because Nigeria has already lost many opportunities for progress.

“We are non-partisan. The interest of Nigeria is paramount to us and we are anxious that you should succeed,” Chief Asiodu told the President.

Femi Adesina
Special Adviser to the President
(Media& Publicity)
April 22, 2016

Diversification of Nigeria’s economy now a matter of urgency – Buhari

President Muhammadu Buhari Friday in Guangzhou, China, said that his administration will take urgent steps to restructure Nigeria’s economy by encouraging new investments in mining, agricultural and manufacturing.

Speaking at a reception in his honour by the Communist Party of China, President Buhari said that Nigeria will welcome the support of the Chinese government, foreign investors and local businesses for efforts to diversify the nation’s economy.

The President noted that the diversification of the Nigerian economy was long overdue as continued reliance on crude oil exports had always made the economy vulnerable to shocks.

‘‘This time we will be more deliberate. The government and businesses will be involved,” President Buhari said.

In his remarks, the Secretary of the Communist Party, who is also the Governor of the Guangdong Province, Mr. Hu Chinhua, pledged that the region will support the implementation of all the bilateral agreements reached with the Chinese government during President Buhari’s visit.

President Buhari also visited the Sino-Singapore Knowledge City  in Guangzhou, which showcases advancements by China in medical, science and technological inventions.

Garba Shehu
SSA to the President (Media & Publicity)
April 15, 2016