SAN FRANCISCO, June 28, (THEWILL) – President Muhammadu Buhari has reiterated his conviction that the country will not derive any benefit from the devaluation of the naira, even as he expressed discomfort with the reports he was getting from the Central Bank of Nigeria, CBN, for the devaluation of the currency.
The President spoke despite the implementation of the flexible exchange rate policy, which analysts approximate to mean a devaluation of the nation’s currency.
Speaking on Monday during the breaking of the Ramadan fast dinner with members of the business community at the Presidential Villa, Abuja, Buhari said the rate of the naira to the dollar had increased astronomically from August 1985 to the present.
His words, “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 maneuvered 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.”
The President also stated that 13 states had been identified as capable of producing rice that could feed the nation in 18 months.
The dinner was attended by Chairman of Unilever Plc, Chief Kola Jamodu. Others include: Chief Femi Otedola, Alhaji Aliko Dangote, Mr. Tony Elumelu, Mr. Wale Tinubu and Mrs. Folorunsho Alakija.
Speaking on behalf of the business community, Jamodu promised their support for the present administration in its efforts to revamp the economy.
He stated that the support was necessary because the private sector could not thrive if the economy was in disarray.
Jamodu 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,” he said.
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