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How FG Plans To Shore Up The Value of Naira

Vice President, Yemi Osinbajo yesterday said sustained diversification plan by the administration of President Muhammadu Buhari by steadily moving away from the current monoproduct economy, would increase the country’s foreign exchange earnings and raise the value of the naira.

According to him, raising the value of the naira would take a multipronged approach, including ensuring increase in earnings, exporting more and driving infrastructural development through local and foreign direct investments.

A statement issued by Senior Special Assistant on Media and Publicity to the Vice President, Mr. Laolu Akande said Osinbajo unfolded the plans of the present administration to make the naira more valuable during his visit to Enugu over the weekend.

The Vice President said the Buhari administration’s economic policies would produce a stronger naira by encouraging exportation

“This forms a critical part of the current Federal Government’s diversification agenda of the economy.

“For instance, the government has already embarked on a plan for selfsufficiency in rice and wheat production, which, when it succeeds will reduce pressure on foreign exchange,” he said

Speaking specifically on the economic diversification programmes of government in the area of agriculture, the Vice President said: “We are trying to ensure that we are self-sufficient in rice and wheat production, so that there will be less pressure on the dollar.”

According to him, the Federal Government was currently exploring how to expand and enlarge rice production through an effective partnership with several rice-producing states from the north.

Explaining further how to shore up the naira, the Vice President said: “One of the major issues is that we have to earn more foreign exchange to raise the value of the naira.

“We also have to do more business internally to raise the value of the naira. So diversifying the economy is an important way to strengthen the value of the naira.

“Right now, we are importing a lot of rice and wheat. So if we are self-sufficient in rice and wheat, there will be less pressure on the foreign exchange; and that would improve the value of the Naira.”

The Vice President also restated Federal Government’s interest in ensuring that all inter-state roads in the south eastern region are accessible for the ease of commerce and movement of people.

Citing this as an important reason for government to embark on the repair of several federal roads in the region and across the country, the Vice President expressed government readiness to intervene in addressing this national challenge for traders and commuters in the interest of economic development.

Speaking about the rehabilitation of the Enugu- Port Harcourt-Onitsha road, Osinbajo noted that he had already discussed the issue with Enugu State Governor, Ifeanyi Ugwuanyi,

He said: “We are certainly interested in ensuring that all of the access roads especially between states where commerce is thriving are in good condition.

“We are going to have a very good look at it, to see what the financial constraints are.”

 

 

Source: National Mirror Nigeria

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