Panel Roundtable on Investment and Growth Opportunities at the opening
of the Africa 2016: Business for Africa, Egypt and the World at Sharm
"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."
The President added that those who have developed taste for foreign
luxury goods should continue to pay for them rather than pressure
government to devalue the naira.
He added that the priority of his administration is to ensure national
food security before export of food products.
He stressed that Nigeria being a mono-economy dependent on oil, and
with a teeming unemployed youth population, the way out of the current
slump in the global oil market, is for the administration to focus on
agriculture and solid minerals development.
"The land is there and we need machinery inputs, fertiliser and
insecticides," he said.
Buhari expressed optimism that Nigeria would get out of its current
He noted that another major problem militating against economic
revival is the huge resources deployed towards fighting insurgency and