Stella Dimoko Korkus.com: EU Official Advises Further Devaluation Of Naira To Curb Recession.

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Tuesday, 4 October 2016

EU Official Advises Further Devaluation Of Naira To Curb Recession.

An European Union (EU) official, Fillippo Amato, has advised the Federal Government to devalue the Naira as part of measures to tackle the economic recession.




Mr. Amato, Counsellor, Head of Trade and Economics Section of EU, made this known in an interview with the News Agency of Nigeria on Monday
The EU official said that recession could not be addressed with traditional development tools.

He said the recession was a recent development which was due to a number of factors, including the fall in oil prices and resurgence of militancy in the Niger Delta.
“To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.
“Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.


“At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.
“Improving security (in the Northeast and Niger-delta) and ease of doing business are also key factors on which the government must urgently work to re-launch the economy,’’ he said.

Mr. Amato said that EU had been at the forefront of aid for trade support activities in Nigeria and ECOWAS.
He said the most important programme the EU was implementing in Nigeria with its partners – GIZ, DFID/Adam Smith International and UNIDO – was the Nigeria competitiveness Support Programme.

“The programme aims at improving the quality of Nigeria products to comply with international standards.
“The programme is providing capacity building to several Ministries, Departments and Agencies such as Ministry of Agriculture, Standards Organisation of Nigeria, Consumer Protection Council, Nigerian Customs Services and NADFAC.

“We support the trade institutions in the formulation and implementation of a sound trade policy (support to the Federal Minister of Industry, Trade & Investment, and Nigerian Customs Service).
“This is to improve the business environment, with pilot projects in Kano and Kaduna to improve the procedures for obtaining land titles, and business licences,’’ he said.

He said Nigeria also needed to take advantage of the devaluation of its currency by diversifying its sources of foreign exchange revenue and this mainly through boosting its non-oil exports.
Mr. Amato said that EU would increase its support to the country under the Economic Partnership Agreement (EPA) if ratified.

“EPA aims at boosting industrialisation and sustainable development of West Africa, both through improved (predictable, transparent and long-term) trade relations and through a development cooperation component.
“In addition, on Sept. 14, the EU has launched a European External Investment Plan which will further support private sector investments in the African continent, including Nigeria.

“The plan will support investments in the continent by providing targeted guarantees and ameliorating the investment climate and the overall policy environment in partner countries.
“The Plan will be implemented through the new European Fund for Sustainable Development, with EU funds totalling 3.35 billion Euros until 2020.


Culled: Premium Times


*What do you think about this?



27 comments:

  1. Whatever they need to do to get this country back to a bit of stability. We are already neck-deep in this shit.

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  2. These people want to finish Nigeria.
    Further devaluation? How has all the previous ones helped us?

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  3. Dear LORD,save my country,Nigeria from this economic recession because men's wisdom have failed us. The hardship is just too much for the masses to bear.




    #Vikenx-virus

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  4. No plan will work as long as an illiterate that has no secondary school certificate is in charge of the country.

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  5. E no go beta for am

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  6. no clueless buhari will not listen because he deaf

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  7. Further devalue the naira? Ado ok, where are the economist! get in here.

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  8. If its gonna yield positive results then we can go for it.Let it be as they have said.

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  9. No further devaluation of the naira please. Devaluation is going to further impoverish Nigeria while the US and the EU itself will benefit from it. The sad truth is that we are a consuming nation and our economy is import dependent,

    I laugh when people say we should buy naija to grow naija cos' there's no way that will work. The Aba guys for instance make beautiful suits and dresses but where do they get those fabrics from? They import them ofcourse.....this administration will do well to concentrate on infrastructural development cos with that we can attract foreign investors to come in to Nigeria and produce some of those things we import and by extension cottage industries can develop here in Nigeria and we will eventually be industrialized. Well, thats my 2cents

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    Replies
    1. Very intelligent comment from someone with vast knowledge of economic trends,pls keep it up.

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    2. There is no country in this world that does not import raw material, even almighty USA does. Though I agree with you that our government needs to improve on our infrastructure because locally produce goods are expensive than imported good and this is because we don't not have basic infrastructures in place.

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  10. He is stupid.. D naira nva devalue reach?

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  11. The naira will become useless totally.
    Devalue ko, devalue ni
    Iru radarada wo ni eleyi bia.
    Mtchwww.

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  12. Devaluation doesn't yield positive results.
    Things are just going to become worse.

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  13. No further devaluation please. I just wish Buhari economic sense. The guy is clueless.

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  14. When we have dullard at the top, what do they know. Oyibo will continue to give useless advice

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  15. The EU had better focus on the value of British Pounds that has again dropped a 31 year low against the dollar. They should devalue their currency and then we would.

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  16. enemies of Nigeria. He should shut his mouth if he does not know what to say. maybe they should give him #2000 to one $1 then he will be happy. Rubbish.

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  17. These people are wicked ooo. They want to finally finish us. It is only the US and EU that will benefit. This is the same lie they told IBB and other past leaders. The level of devaluation of the Naira so far, indigenous businesses have folded and the foreign ones have run away. How will more devaluation help us?

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  18. Make that him mouth bend. Devalue my ass. Rubbish. He should come be a Nigerian to know what it feels like

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  19. These people are wicked ooo. They want to finally finish us. It is only the US and EU that will benefit. This is the same lie they told IBB and other past leaders. The level of devaluation of the Naira so far, indigenous businesses have folded and the foreign ones have run away. How will more devaluation help us?

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  20. Why don't he devalue the Euro which is on free fall as well against the US dollars? It is almost 1:1 now. Let them fix Euro problem occassioned by Brexit first as noted by the British pound melt down since this year.

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  21. This has being the plan of IMF and world bank and our leaders are making things worse by accepting GMO poison. No country will buy GMO crops from Nigeria, nobody wants to die of strange diseases, petroleum was a fraud so is GMO, but it will be of great advantage if Nigeria start investing in Organic foods. GOD SAVE THIS NATION.

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