Again, Buhari rejects devaluation of naira
President Muhammadu Buhari has again ruled out the possibility of his government devaluing the naira. The president said Saturday that the priority of his administration was to ensure national food security before export of food products. The president said this while contributing to a Presidential Panel Roundtable on Investment and Growth Opportunities at the opening session of the Africa 2016: Business for Africa, Egypt and the World at Sharm El-Sheikh, Egypt. President Buhari said for 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, fertilizer and insecticides,” he said. Reiterating his opposition to the devaluation of the naira, President Buhari said Nigeria cannot compete with developed countries which...