While speaking at the just concluded Business for Africa, Egypt and the World Forum held in Egypt yesterday February 20th, President Buhari reiterated his stance against the devaluation of the Naira
"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.”he said
He added that those who have developed taste for foreign luxury goods should continue to pay for them rather pressure government to devalue the Naira
110 comments:
Amadioha pls shut this raccoon up for me wud ya???
Buhari, So Lady Emily Needs Sugar boy for Herself. .
Lol @the last paragraph#.
My Goodness!!! Is this our presidents economic knowledge capacity? Now I understand the level of mess Nigeria is going into!
Just solve the economic issues already
What abt ppl schooling abroad?... Pls oooo devalue it, we're not in the military regime.
Lol. I die if u agree to devalue the naira . U wan make Nigerians now know that truly Una no get sense .
The man is talking like an olodo. His economic team too. Can you imagine what nonsense that he is saying?. You are trading in a global economy and you forgot that the market forces will come to play on your currency? Whether he like it or not, the market forces will bear down on naira. after a while, they won't have any option, other than to leave naira for a free fall.
You are growing locally made goods and services but you fly abroad for medical check ups, your daughter wears Manolo Blanik shoes, your wife wears exotic designer wrist watches, your refuse to patronise innosin motors instead your presidential fleet is made of BMW bullet proof vehicles, yet you are promoting locally made goods!
Thank You Mr President ; you gat a Great point over dr !!!!
Damolia.DEW
Our stone head Mr President, i hope you realize the country is collapsing.
Okay ....
#FINEST
PMB speaks.
Owuya
I guess some pple don't intelligently understand what PMB said about naira devaluation based on d current nature of our economy...He's right anyway!
We shall see...at the end you MUST DEVALUE the naira.
He never keeps to his promise
Na so! #BUYNAIJATOGROWTHENAIRA
What happens to those in need of the naira to purchase foreign currency and pay for the child school fee abroad he must not think about the business men alone. He should also think about Education system outside nigeria...post cally89
Wat is happening in this country, No Nepa light, No fuel, Dollar is so high making everytin in the mkt very costly..... yet all our president does is travel from one country to another all in the name of recovering rooted money...... the ones he has recovered so far wat are they doing with it????? Does it mean dat he wil not root his own??????? This is a country where the rich get richer while the poor get poorer.... we need God's intervention in this country...
It is very comfortable for Mr President to pay for this stuffs. Dat is y u can say people dat want to use it shld pay for them.The wrist watch you use is nt made in Nigeria, the shoes u wear we nigerians pay for it.I believe before you make 1 dollar 400 naira you shld have facilities in place to support locally made goods...d funniest tin is dat some tinz dat are locally made need some little import.Even schools,dey need 2 import chemicals for student,so y blame them when children school fees is now high,the government is suppose 2 send a team to go and learn how to make all dis tinz,then start production for a while in Nigeria,then wen nigerians see dat the production is d same as dat of other countries and cheaper,I trust nigerians,they won't waste time.You will buy made in ABBA shoes,in jst 3 days afta wearing it,u are taking it to shoemaker,compared 2 dat which u bought and will last u longer,sponsor people 2 Italy,let dem learn how quality shoe is made,den u are helping d economy.I must say...I am really disappointed at dis current administration with d way dey are running d government. When you know u are not smart,den wisdom demands that u surround urself with smart people,but it's a pity dat dis government is otherwise.2019 I wait for thou
Senator Ben Bruce Says No One Should Blame Buhari For The Fall Of Naira...
''Many Nigerians are complaining about the constant fall in the value of the Naira and they blame the Government.
But is the government really to blame?
In truth, our insatiable appetite for all things foreign is to blame.
I always fly Arik Business Class whenever I am traveling abroad except Arik does not fly on that route.
Not only is an Arik ticket a fraction of the cost of a British Airways ticket, but the money I pay to Arik circulates in Nigeria and helps firm up the Naira’s value.
As I speak to you today, a British Airways Business to London is ₦2,103,666 while Arik Business is ₦551,545 yet our elite still fly BA..
But though Arik offers an affordable alternative to British Airways and other foreign airlines, our big men prefer to pay double what Arik charges to BA and other foreign airlines for the same services and yet they complain about the value of the Naira.
I have Nasco cornflakes and I have eaten Kellogs cornflakes. In terms of nutrition and taste they are almost indistinguishable. Yet our elite who will rather eat Kellogs than Nasco cornflakes, wonder why the Naira is falling!
Even something like Quaker Oats can be substituted with corn meal known locally as pap.Obasanjo Farms of Nigeria and other large scale poultry farms have the capacity to provide chicken for the entire nation. Since that is the case, why are we even buying imported chicken?
In fact what is wrong if every family in Nigeria has a poultry in their backyard to give them eggs and meat?
My steward went to Makoko, which is one of the largest fishing communities in Lagos. He wanted to buy fish and they were selling imported frozen fish!
Yet in the very waters in front of them, there exist fresh fish that is more nutritious than the cheap frozen fish they were selling.
We keep spending over 1 Billion Naira importing rice when our own farmers are capable of meeting our national demand for rice. But for some reason, Nigerians just prefer to buy imported rice.
The imported rice we buy in Nigeria is not as good as our local rice because it has been stored for years in silos and treated with chemicals.
Moreover, every time you buy it, your money is going out of Nigeria to service an economy in Asia. The end result is that their currency gains value while ours loses value.
Have you ever wondered why European Premiership Clubs are so interested in Nigeria? It is because Nigerians spend billions traveling to Europe to watch their games, buy their merchandise and promote their leagues.
Yet, back at home, we would not be caught dead watching our own local league.
If we will not spend money on made in Nigeria goods and services, how can we expect our Naira to hold its value and appreciate?
Obviously we can not cut ourselves off from the world. No nation is an island, but at least we can fly Nigerian airlines, eat locally produced food and patronize our football league.
If we do this, not only will our economy grow and produce jobs for Nigerians, it will also make our goods and services improve in value such that they will be attractive enough to be imported.
I bought Innoson vehicles as official cars for my staff. I have never lived to regret it one day. They are comfortable and durable. But most of all, I know that my purchase helps to keep jobs in Nigeria and improve the value of the Naira.
I urge you to do the same. We have no other country but Nigeria and it is you and I that will make it what it is.
If we buy Naija We Will Grow Naira
My name is Ben Murray-Bruce and I just want to make Commonsense!
TU4N (Thumb Up For Naija) :- FOREX cullage
IT IS OFFICIAL...I love BenBruce!
Supported... if you want imported products, then be prepared to pay extra for it.
Dat round neck,was it made in Aba? We will see what becomes of NAIRA cos even alata sef dey complain
Yaay true talk we not exporting nothing yet so why devalue naira
I understand to a extent where he is coming from but Nigerians get too much long throat, even the poorest person in this country would rather get foreign than patronize any made in Nigeria product. It is the unfortunate bitter truth.
Buhari has failed us it's a pity that nothing is working in his time he is busy travelling n fighting corruption cost of living is very hard Buhari is ds d change u promised us? May God help us
good thinking , let them continue to pay ...afterall na wetin ur money kokoma reach nai you go buy
Lol @ those that have taste for luxury goods should continue to pay for them! Lmao! Bubu has this polite way of bashing someone
Provide amenities then you can talk ,infrastructure is no where in naija and stop to going to London for medicals .
I guess this man have a point.let give him support to do well, but reduce ur traveling ,
haaaa haaaa but mr president i dis agree on dis one oooooooo
am not in support on dis oooooo
pls look in to dis ooooo
thank u
Issokay seen, God help us all. Linda take note!
I agree with PMB on this one.
check out www.wakanaija.com for more naija govt news
This man is mad o...very soon peoplee wll die all in the country then u will know old confuse man
No need the naira has already devalued itself. Mumu talk
Okay
*sigh*
May GOD grant him the wisdom to sail the country aright...Want To Naturally Reverse Type 2 Diabetes Click Here To Read
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How can we devalue naira ourselves?
Well done PMB, follow your heart and stick to your gun. Don't let IMF or any other world body that is not in tune with the African market dictates to you.
Really aw much capital ve u gvn to ppl wf great manufacturing and production ideas,none,instead of u to continue the sure-p scheme n let us grow our naira, u re dia saying rubbish.
#*karlishah*
Lolz. Well said PMB.
#Linda'spal
The naira never devalue itself already?400 to 1$,waiting come remain?I beg baba go sit down.
The naira never devalue itself already?400 to 1$,waiting come remain?I beg baba go sit down.
President buari must be a complete idiot. U want people to be productive when there is no light in the country when government is not supportive. U want investors to come to your country. When there is boko haram. U want ppl to buy from ur country and can't buy from theirs..even if dollar is equal to a million naira some ppl will still afford dat..so old man solve ur problem b4 spoiling d economy old man..
Hahahahaha Old mumu that lack economics foresight shabi u wana become president.
Then weytin I dey see so?
This man knows what he is doing... all he need is time
What it thr 2 devalue again wen it has already lot its value,
What are we going to do....nuel
Lips sealed.
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Noted
Does this caretaker president knows the meaning of •devalue•
naira is already devalued so what is he talking about biko?
Nawa for dis man o. Linda observe!
He knows nothing my brother
I support u my president, it's the right thing to do for now. Pls don't devalue and let us look inward. Thanks
I wonder ooooo
wow alot of folks commenting on this blog need to go for a seminar or 2 on devaluation,economics etc......coz i dont think pple know how worse this tin cld get ......why devalue for what,,,,too many educated illiterates is a problem
Foolish man
Even if PMB devalues the naira to 400 to the dollar it would keep falling cause the demand is still high and our foreign reserve is not enough for us to eliminate the black market with.
The business men who are importing luxury goods are desperate to keep their business going which is their main source of income so they would keep patronizing the black market for their dollar and add the cost to their goods until consumers stop buying the demand would not stop.
On the other hand by keeping the official exchange at 199, importers of food and essential items can still import and sell ate current rate without having to raise price thus eliminating inflation on food and essential commodities.
The only problem I see here is the round tripping which must be going on under the connivance of bankers and importers who would receive dollar at 199 for food import but turn around and sell to the black market at 400 without importing anything.
Mr. President, encourage domestic production of goods and services with your policies NOT WHAT WE HAVE NOW.
Hmmmmm, what have you done so far
What will kill them? Dollar price hike?! Sharp up guy! Haba!
God bless you for your comment. Most Nigerians comment for the sake of it, without any knowledge of what they are commenting on. If we devalue then we are finished as a nation. PMB is on the right path. #SupportNoDevaluation.
I hope he knows wa he's doing
-D great anonymous now as Vivian Reginalds
I need dollars to buy Brazilian wig with original human hair
I support d idea of d president.
I agree with the only president in Nigeria that has a supermodel for first lady.
Forget orobo nah my own model.
PMB pls stand firm,do not mind the ignoramuses, and capitalist,s.
History is beckoning.
Buhari is making sence,bt I think he has 2 put things in 0rder.e.g rest0re c0nstant light,n help the l0cal sect0r wit financially supp0rt b4 his plan 0n this naira issue
I agree with Mr. President... Some of us have little or no idea about forex or how a government operates yet we complain at every slightest opportunity given to us.. Nigerians should learn to exhibit patience and pray for their leader.. This man has good plans for the country for crying out loud.. Take for instance! we buy luxurious items from big brands in the name of ''Original'' without knowing that these companies or brands come to Africa to purchase raw materials for the production of these items. Therefore considering the cost of transportation, customs and what have you then makes the item expensive.. If Nigerians can put on their thinking cap and take the advantage of the raw materials we have at our disposal, create something out of intellectual property the wold will come to buy from us.. We have all the raw mineral resources you can ever think of. There's enough blame to go around my dear Nigerians!! Be the change you wish to see in the world!!
God bless
I agree with Mr. President... Some of us have little or no idea about forex or how a government operates yet we complain at every slightest opportunity given to us.. Nigerians should learn to exhibit patience and pray for their leader.. This man has good plans for the country for crying out loud.. Take for instance! we buy luxurious items from big brands in the name of ''Original'' without knowing that these companies or brands come to Africa to purchase raw materials for the production of these items. Therefore considering the cost of transportation, customs and what have you then makes the item expensive.. If Nigerians can put on their thinking cap and take the advantage of the raw materials we have at our disposal, create something out of intellectual property the wold will come to buy from us.. We have all the raw mineral resources you can ever think of. There's enough blame to go around my dear Nigerians!! Be the change you wish to see in the world!!
God bless
I agree with him. We have to support our local products
Up up we go
Is ur father that is mad. You lack respect for an elderly pple. That is what u will tell ur great grand father. Instead of praying for his success. If Nigeria is good ,is it nt for everybody. Idiot
The ones Abia boys are producing are what please? The food stuffs in the local markets all are from abroad right? The poor are more than the rich in Nigeria don't forget. They buy the abia made, that is what they can afford, have you seen the amount of people in a local market everyday shopping. Okay, you want us to produce with what? With this no light for days, weeks to months, or just try to move a goods on the road you see Police every junction waiting for you. no security to add to it! Correct the system and your government first. Focus on the main Nigeria now, you can't grow when the root is getting bad.
mr president do not further devalue our currency those addicts of foreign products should buy at any price
Apparently, a lot pf pple posting comments do not understand economics. under the prevailing circumstances, we are on the right track. those who want to consume foreign goods should source their forex on their own, Shikena
It's a nice one atleast let grow for once
I totally agree with him,because once you are not lazy and you are productive,may be you have you a hand work or something you'll make it,those who want salary should continue having it... This is just the way we can encourage our young graduate to start something instead of finding useless jobs
For u to say dis, u are crazy for talking to ur President like this.
Of course devaluation of the Naira would be a dumb decision to me! We should encourage local production and buy our made in Nigeria products... that's when the Naira can appreciate!
This old man lacks foresight or good advice or both. I hate hypocrites. Your wife wears versace sunglasses and your daughter on her birthday wore manola designer shoes. The other day your wife wore a 10k usd cartier wrist watch. Tell me how those were produced in Nigeria. Chei I miss PDP. That time it was chop I chop. Now it's chop and hide. How can we upgrade the naira with no electricity and insurgency chasing away foriegn investors. This man is lost lord light up his brain. . The poor are suffering cos of the naira. You ban importation of cars with no alternative as if nigeria produces cars. You can ban foodstuff importation but not ones with no alternatives...the wealthy can afford anything evn if dollar is 500 bucks na we de suffer Mr president!!
The Naira is already devalued, what more do u want, do you want to kill us all before u realize that we have had it up to here? Otondo president. What is the benefits of your Travels to Nigerians/Naira. Today, you have left for Dubai. That is all you are good at. Foolish man.
If you call an elderly person foolish then you hsve yourself to blame in the future. Remember what the bible says with a promise. Honour thy father and mother so that thy days shall be long.
What have you done for your community? You are old enough to help grow your community. You don't have to wait for government to do everything for you. Everything sbout you Nigerians is blaming people or certain tribes for your own shortcomings. Wakeup and stand united to make the country a better place.
You all are being deceived by what you see on TV about foreign countries,go there and have a taste of what life is over there then you will appreciate your own country.
Wat wil be d effect...
Enugu's second shoe designer
You are very right but as per the round tripping i think our country needs it. He needs to reassure the foreign investors that Nigerians are ready for clean investments.
What Nigerians need is to educate them on what the issues are and how it can be resolved.
You can't invite an uneducated man to a seminar to understand the economic situation by showing him analysis on data no you can't.
You will have to break it down to his or her own understanding through jingles or thru short vidoe clips where they will get the full gist of what is happening. Years back we had SAP (Structural Adjustment Programme) adverts which went down well with everyone this can be re introduced.
We need to stand united. The foreign countries see the potentials in Nigeria.
Nigeria!! Nigeria!. It's high time we support our president. This man is taking this country to a better place and for us to achieve this we need to support his administration.
Nigerians have to appreciate what they have. Look at the rise in cancer cases,when did this diseases become rampant?
We keep importing food from abroad which have been genetically produced with various chemicals yet we have naturally grown food stuff which are beneficial to us and our system.
Do you all realise that foreign countries import naturally grown food from Africa,Asia etc and they label them organic food. This organic food are very expensive to purchase. Why can't we develop our agricultural sector. Farmers abroad are known as the richest people but our country we look down on them. We need to start growing our crops to feed ourselves and other countries.
Also we buy designer clothes from abroad do you know the origin of the clothes? The raw materials are purchased from developing countries and they are mass produced in Asia,then taken back to USA or UK and sold back to you for or at a higher cost. We have to start encouraging our own products. We have NGO that can train or support people. Find out where the NGO are and how to get funding to nuture your ambition. NGO should also employee people in order to handle the volume of applicants and as a result of this you are creating job opportunities. NGOs should also be funded by government and philanthropists.
Also our musicians we need to start filming and showcasing our country Nigeria. It's just a matter of getting the right equipment for filming. There are beautiful scenery in Nigeria.
Have we ever wondered why foreign personnels love our country Nigeria. If you don't these are my opinon.
1. We are very friendly and happy prople.
2. We have natural food stuff eg vegetables,herbs,poultry etc.
3. We have better climate.
4. No natural disaster,only man made disaster
5. There is money to be made in Nigeria from our natural resources.
@8:01pm
I doubt you have heard of balance of trade...everything that is done, even in life is to achieve a state of equilibrium (balance), you can't do one and leave the other.
Have the local industries being setup to meet export demand? No, yet they went ahead to ban importation when even the local industries can't meet demand.
Mr president, I need a phone that can do whatsapp sir. The last time I checked, Nigeria doesn't manufacture phones and also, I really dont know if that's a luxury good. I am a student, still struggling to pay my school fees and I just can't stop wondering how much I would have to pay for this phone considering the current exchange rate sir.
Luxury good. Go to black market and buy at 400
Don't worry, you will soon disagree with him! KOLAQ
You wey understand economics, you try. You will soon learn something!
My friend, please listen to yourself! Is the Naira not already devalued? PMB knows that and he is just putting up a show to fool people. At about N400 to 1$ and you are saying that you don't want to devalue the Naira? Excuse me!
How many people understand what devaluation of currency and its implications? Before you start to judge, you might want to spend sometime looking it up. President Buhari's decision on currency devaluation is what is best for the Nigeria presently.
Hahahhahahhah
True words
What he just said is contradictory.
With all due respect sir, you need to devalue Naira anymore. Market forces are devaluing the Naira already.
This is just another unnecessary distraction for gullible Nigerians.
Buhari has never bn so right infact he shd stop importation completely,americans has seen us intoto thats why dollar kip going up becos dey know everything we fucking use fucking come frm dem......lets start patronising our own nd start doing exportation so that if our own currency goes high others ll feel d effect too....what mr president shd do now is empoyer our companies nd producers nd manufacturerers of raw nd finish goods...devalueing naira ll only cause more problems
Exactly,devaluing will.only worsen the situation of this economy dependence on other countries that sopox to depend on us for crying out loud
There are still pple with intelligence nd common sense after all
Na pmb sell light to private firm? Abi where u from.come? Wake up from.ur slumber biko.Type 2 Idiot
I blv your father is not better than him,thats if he can even spell politics.mumula
Why are u upgrading them by saying educated b4 d illiterate word na??? They re simply stark illiterate...what PMB needs to do self is make education completely free self not devaluing Naira
stupid man
I concur. Mr President is 100% correct. Let the market forces devalue the naira itself. Haters can go and jump into the lagon.
Must you school abroad? There are still good private schools in Nigeria. Patronise your country!!!
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