He talked about the Federal government's plan to set up a $25billion Infrastructural Fund which would be sourced from local and international sources including Nigeria’s Sovereign Wealth Fund.
the Ambassadors of Italy Mr. Fulvio Rustico and the Canadian High Commissioner in Nigeria Mr. Perry John Calderwood in his office at the presidential villa, Abuja.
He said:
“I don’t agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution-we are not exporting significantly. And the way things are, devaluation will not help the local economy.
“What we need to do is to start spending more on the economy and then things will ease up a bit.”
The Vice President disclosed that already other sovereign wealth funds have indicated interest in the fund which would be used to address the nation’s decaying road, rail and power infrastructures.
He added:
"This is our approach to speeding up the country’s infrastructural development.”
Osinbajo also said that the current foreign exchange restriction is only a temporary measure to ensure that “we don’t deplete our foreign exchange substantially,” at a time when the prices of oil in the international market is dropping.
He added that the restriction was for the benefit of the country's economic stability.
He said:
“I am not sure devaluation is the issue, but how to ensure foreign direct investment which is more useful”, he said.
The Vice President also reassured investors who already have contracts and loan commitments that the federal government would work with the Central Bank of Nigeria to protect legitimate businesses from being affected by the current foreign exchange restrictions.
Vanguard
26 comments:
Gbam!
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I can't wait for Nigeria to be a better place
That's true
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Amen o
They shldnt tink of devaluing the naira again abeg, that ish doesn't have value at all.. It doesn't
#iT wiLL oNly gEt bETTer
#It MuSt EnD iN prAisE
Enough of this too much talk from u guys pls.u guys should start doing the work fast coz there is no time.
Always talking and promising,ur 5k fee for unemployed youths and pupils feeding is still unaccomplished and y'all keep talking and travelling.
Their business
~D great anonymous!
Cool,action speaks louder than voice. TIMILEYIN BLESSING
I'm not an economist but I think I kinda agree with him.
OMG! Nigeria has finally got people who understand how to lead. Thank God oh.
Warreffa... Next plzzz!
He is right tho
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Okay sir, seen
#TeamBlessed#
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If you say so sir
a.k.a EDWIN CHINEDU AZUBUKO said...
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Too much talk with no action.... Fucked up economy......
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***CURRENTLY IN JUPITER***
The way the economy is having a freefall. I dey fear for naija o. Na only talk talk this VP dey talk no action for 5 months now.
JASON DERULO MAY END UP SERVING 8 YEARS IN PRISON - SEE WHY
He spoke well and I pray our economy improves considerably so dat tins wil b well wit us.
This man don come again with words and no action. Time is fast running!!!
WATCH AS KANYE WEST'S DAUGHTER, NORTH TELLS PAPARAZZI OFF JUST LIKE HER FATHER
Its really not an option
These guys need to start working.. they talk too much
IF YOU ARE A VIRGIN - YOU WOULDN'T HAVE LEARNT THESE 5 LESSONS ABOUT SEX
My respect for this man has been growing by day! I have never been in support of devaluation cos it would only end up compounding our problems. Ride on my learned VP.
My respect for this man has been growing by day! I have never been in support of devaluation cos it would only end up compounding our problems. Ride on my learned VP.
hmmm, pastor VP... we are watching you... Double your hustle
Truth
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