•Says country paying dearly for past mismanagement
From Juliana Taiwo-Obalonye, Abuja
For the umpteenth time, yesterday, President Muhammadu Buhari reiterated he does not believe in devaluation.
At the breaking of fast dinner with the business community in Aso Rock, yesterday, Buhari asked rhetorically, “how much benefit have we derived from naira devaluation in the past?
“In August 1985, the naria was N1.3 to a dollar but, now, you need N300 or N350 to a dollar. What do we derive from that? How much benefit can we derive from this ruthless devaluation of the naira. I’m 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 manoeuvred ourselves into a mono economy which (has) led to the collapse we are seeing now.”
The president told the business community that the responsibility was on their shoulders to help get the economy out of the woods, putting to their investments and a lot of people in their employment.
President Buhari said as part of plans to diversify the economy, 13 states have been identified that can produce rice that will feed the nation in 18 months.
He agreed with the business community that Nigeria will be in trouble, describing as disappointing that Nigeria imported things like tomatoes, rice, wheat among others that can be produced in the country.
Giving a vote of thanks on behalf of the group, Chairman of Unilever, Kola Jamodu pledged the support of the group to Buhari’s administration as it strives to take the Nigerian economy out of the woods.
Buhari had, in February, at the opening session of the Africa 2016: Business for Africa, Egypt and the World at Sharm El-Sheikh in Egypt, said he was not in support of devaluation of the naira. He said Nigeria, which is not an exporting nation, would be worst hit if the naira was devalued.
Also, in March, in Kenya, while addressing Nigerians in that country, Buhari said he won’t kill the naira.
Meanwhile, Buhari also said Nigeria is paying dearly for mismanagement of revenue that accrued from oil, particularly, over the past decade, and for allowing the decay of critical infrastructure.
He also said the nation is paying the price for operating a mono economy, but assured she would soon be able to feed herself and even export, with the current emphasis on agriculture.
He said this when he had audience with the Chief Global Chief Executive Officer of Unilever, Mr Paul Polman. President Buhari said his administration is working very hard to change the structure of the Nigerian economy battered by several years of mismanagement.
“We refused to save for the rainy day. Now, the rain is beating us and we are thoroughly wet,” he said.
Buhari assured that the Federal Government would fast-track the implementation of strategies to ease business transaction and attract more investors into Nigeria.
“We want to create jobs, and supporting manufacturing is one way to do it. As soon as we have stabilised our budget, I would be interested in the manufacturing sector, particularly, in the generation of essential raw materials,” he said.
In his remarks, Unilever boss said the conglomerate had been in Nigeria for 93 years, making it the oldest manufacturing concern in the country.
Polman disclosed that Unilever had invested about N15 billion in Nigeria in the past three years.
“Our products are more Nigerian than Nigerian brands. Despite the economic downturn, there are opportunities to further advance our business here.
“The situation to invest and continue to invest here is very encouraging,” he said.