Vice president Osinbanjo says devaluation of Naira is not an option
Vice president, Yemi Osinbajo yesterday said that further devaluation of
Naira was not an option to solve the current economic down turn in the
country.
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.
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Title : Devaluation of Naira is not an option says V.P. Yemi Osibanjo
Description : Vice president Osinbanjo says devaluation of Naira is not an option Vice president, Yemi Osinbajo y...