ElizaBeth R

Oasis medspa

Sunday, 21 February 2016

Buhari Again Rules Out Naira Devaluation

President Muhammadu Buhari on Saturday again restated his earlier resolve not to devalue the naira.





Buhari made the assertion while contributing to a Presidential Panel Roundtable on Investment and Growth Opportunities at the opening of the “Africa 2016: Business for Africa, Egypt and the World” at Sharm El-Sheikh, Egypt.
His assertion was contained in a statement by his Special Adviser on Media and Publicity, Femi Adesina.

According to Buhari, he could not afford to devalue Nigerian currency because the country is import dependent.
Buhari said, “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?
“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 stated that those who had preference for foreign items should continue to pay for them rather than pressure government to devalue the naira.

The President reiterated his government’s resolve to ensure national food security before exporting food products.
Dailypost reportage



49 comments:

Anonymous said...

What in lords name is this old Man talking about??

The Sexiest Mother Of This Blog said...

Everybody should go back to Agriculture. Rearing of poultry, fishes and other stuff. Bunie Ogu gi na mma jee kooo ugbo. Unu emezi na posh or else aguru ga afio many people onu na nigeria

Anonymous said...

I only laugh at people that voted for this man,he thought it was a joke to rule Nigeria, and no I was not supporting GEJ as well but I wanted another candidate someone younger and more experienced, this man is old and he didn't have a great record as a former president, things are now worse in Nigeria,nothing is working,i even prefer the last government, Ngozi Okonjo handled the finance section so well, they had experienced people in the last government, this new government lack experience.

crazyHornywife said...

Abeg baba go slow, wake up from your slumber.
Your in aso villa,eating +drinking,enjoy power 24/7, get bills payed by d govt and still get your fat salary. Create a forum and ask the masses how the hardship is,then you will know there are other step by step measure to reduce the country from being import dependent than going drastic.
You want us to stop importing?? Fix the power issue 1st,that people would be encourage to go into production witout fear of getting stuck!
Change claimed they were for the people but its so obvious they are not!

Daramola Hameed said...

God save Nigeria.

Anonymous said...

Sai Buhari! Correct leader, your head dey there! You want imported toilet roll, pay for it then! Why should the government help you?

James said...

Story story.
It is already N380 to the dollar. So what Buhari is saying is just to deceive unsuspecting and suffering Nigerians.

Pedro said...

Mr Clueless

Anonymous J said...

All the way presy

James said...

@the sexiest, you people should stop all this yeye igbo language on blog all the time.

FRESH said...

Some Nigerians have become 'economists' & 'financial experts'. Instead of the lot of you to support your govt.to diversify our economy quickly enough & become more productive to sustain & shore up our naira,you come here to type abusive words as if you can manage an ordinary classroom of 25 students.

Anonymous said...

The problem I am having is that when you send dollars back home, you are given naira instead of the dollars sent to you. I feel is cheating! The bank keeps giving the person at the rate of 199 when black market will give 400!That's cheating! I wish i knew someone whose parents are in Nigeria and the are schooling hère .

Monkey Face said...

Kweeeeeeke!

JayEm "Agrodolce"...the Nigerian-Italian-Australian experience. said...

Do not devalue the Naira. Na beg we dey.

Nwa Amaka said...

We lost it when we started depending completely on oil and neglected mining, coal and agriculture. Lol @ aguru GA afio ha onu na ana.

Nwa Amaka said...

What was our oil benchmark and how much was oil sold per barrel then? Answer this question and I will tell you why it looked as if the economy was booming.

Olori Isis said...

Clueless is just the word.

One trillion said...

End time clown

Eka Joy said...

Does he have to mention this toothpick all the time?

It has become his signature.

Olori Isis said...

380 ke? You are really behind James.. it's 400 plus now.

femi idowu said...

I support Buhari not to devalue naira but ......
1. Local capacity for increased production must be built, enhanced and increased. This is when your idea will make sense sir.
2. You need to into your economic team and make drastic adjustments. We need people that are tactful and brave to safe this mess.
3. Buhari u need to allow your ministers to be free minded and take decisions, they look too timid and they appear to be tied to ur apron

pax dimond said...

you just rubbish our naira.

Reminisce said...

N380? Where have you been? It is higher than that now.

Shennel Hyacinth said...

This man is sick.
For us to have a stand,first we should boycott all dispensable goods like tooth pick. How can we import tooth pick from China wen it's gotten from bamboo and yes we have bamboo growing everywhere .
I say again that Nigerians,we are net buyers / consumers .we are not driven by d pride of innovation and the govt is not helping at all.
We have nothing to contribute,imagine where your brother will go abroad and package used clothes(even undies) and send them to Nigeria to sell,you see a lot of people patronizing them,they will even tell you that it last longer and it's better. Why can't we encourage made in Nigeria products? And yes we need a steady power supply to be able to activate that.
The operation of the IMF is not in our Favour,to an extent that a dollar can never be equal to Naira again.Let's ask ourselves,what are we producing? Are we influencing any other country? Well I think IMF is an instrument of modern day imperialism to make our country continually be in lack.makavelli said hunger in dignity is better than a loaf of bread in slavery. We need to shut the doors,stop receiving help from other nations and see how we can stabilize our economy.
Since a system must trade with other system(an exchange) if you consider the balance of trade,ours never ever balance and why is that so? When a bag of cocoa is offered to them almost free and when refined,we buy bournvita (with 6 or less cocoa) at a high price.Their goods come into our country freely but you can never see any of our product at their market.
Internationally we are very weak competitors.we have not been able to get there,no firm in Nigeria has been able to produce what can competite with another firm in another country.
For dollar to be equal to Naira ,we need to activate our economy in terms of it's production capacity. Our politicians are only interested in short- term return,they are not interested in suffer today and gain tomorrow.it takes a statesman to know this country need about 10 years to stabilize our economy.
Our bubu is clueless, he knows absolutely nothing about the economy.

Anonymous said...

He has a point.when naira is so low, pple won't be able to import foreign goods anymore and would be forced to produce locally. U think he has a point there.It is only those that don't under economics that are shouting upandan that naira is 380 to a dollar

viva ciara said...

Hmmmmm

Fab Mum said...

Aren't you also suffering it??
Even the very very few things made in Nigeria aren't they expensive now?? Because at the end of the day, the manufacturers will still buy raw materials with dollar, and pay higher cost of production because standard of living has gone up


Whether you buy foreign or imported items, you suffer it. Things are little as meat, vegetables and all have added money because standard of living is high and you are saying correct..

Lool
Some of you amaze the hell out of me..

Anonymous said...

Okonjo killed this country

pri pri said...

So true. I pray everything turns out right for us in this nation

pri pri said...

So true. I pray everything turns out right for us in this nation

Chukwuebuka jay said...

Now it is obvious our president doesn't read nor listen to news. #Successful

The General's Wife said...

But dats d truth.
Devaluation of d naira is not the way to go.even if d Naira gets devalued to d barest,it wil stil not save us.
We all know d way to go.
Exportation is d way to go.
Its bad Now but let's not wait til it gets worse.
Let's fix our light issue FIRST and Manufacturing and Exportation wil be achievable.

And I hope we know dat wen we devalue d Naira,dats wen prices of every every wil really shoot off the roof.lets not even go dere.

It was all gonna come crashing down sooner or later at d rate corruption and embezzlement was goin on in our country.d middle was gonna cave in at some point.so pls let's all be practical and know dis isn't Baba's fault and rather be supportive as he meanders via this crisis.

It is well.

zion baby said...

Amen

Anonymous said...

See my bubu o.Stella,pls this is sunday.I don't know how I will go for 3rd service now that I have seej Bubus pic.How will I even concentrate on the service.Just one good fuck from Bubu is all I need.

PORTABLE viv the queen of this blog said...

@james: shut up your smelling mouth.
Is the igbo affecting u in any way?
Speak your own native language naaaa n stop ranting.

PORTABLE viv the queen of this blog said...

Buhari, how market?
I know you are on a hot seat

Anonymous said...

Pls just shut the hell up or better still go and jump into the lagoon

Anonymous said...

@shennel hyacinth,you're an intelligent person,I like u already.

Anonymous said...

Portable viv shut up that your rotten suck away called a mouth.he is right. The Igbo is too much and its not welcoming to others i'm igbo as well but I respect other tribes

Anonymous said...

Leave d anonymous fool @ Fabmum. He no dey go market..

Anonymous said...

Ok ma.. I manage 3 classes of 70, 40 and 96. Ss1 A, B and C. I guess I have the right according to u to talk abt the dwindling financial situation of my own country now. If he wants to diversify he should fix the power problem 1st, encourage local farmers 2nd and improve tertiary edu 3rd. Then we can start to produce not jst products but raw materials and competitive human capital..

lovelace said...

Shennel hyacinth. I guess you live in a cage. What have you typed the government ain't saying already. You are daft, sick and less intelligent than a cave man. You stupidity equals to the level of a piranha whose life existence is to tear and swallow flesh.


femi idowu said...

Chai portable, I won't talk I b4 u will say I'm tribalistic

Anonymous said...

This weak old ass idiot cannot wake up and decide to change everything- expect importers to stop importing goods wack ass

Anonymous said...

This anonymous 7:35 re u stupid or ¿Ust pretending to be stupid!? Wtf!

Shennel Hyacinth said...

Yes I live in a cage but guess what? My cage is more sophisticated than yours.
You think hiding behind your cheap phone will do you any good? NO
And again your words won't get to me, you know why? I'm hot and u re not .......Mo gbono feli feli # indbanj'svoice#
Kill yourself hater.

Anonymous said...

Ok Oga teacher. What special human capital do we need to make toothpicks? How about making dresses? Plus a thousand and one little things we can start producing here. Mostly handmade. This is a challenge to the youth. A million graduates hanging up and down. This is the time to think, innovate, create an alternative for anything and sell. Mr teacher, this is the time for you to motivate them. Stop waiting for government.

Anonymous said...

How can he? He has just a waec certificate. He knows nothing

lovelace said...

Eat your heart out. Dimwit, go anon to hype you sorry uneducated self. Poor excuse for a human specie. Mogbono feli feli my ass. Read and assimilate you can't. Daft duck....