President Muhammadu Buhari said on Saturday that the priority of his
administration is to ensure national food security before export of food
products.
The President said this while contributing to a Presidential Panel
Roundtable on Investment and Growth Opportunities at the opening session
of the Africa 2016: Business for Africa, Egypt and the World at Sharm
El-Sheikh, Egypt.
President Buhari stressed that Nigeria being a mono-economy dependent on
oil, and with a teeming unemployed youth population, the way out of the
current slump in the global oil market, is for the administration to focus
on agriculture and solid minerals development. “The land is there and we
need machinery inputs, fertilizer and insecticides,” he said.
Reiterating his opposition to the devaluation of the naira, President
Buhari said Nigeria cannot compete with developed countries which produce
to compete among themselves and can afford to devalue their local
currencies.
“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?” the President asked.
According to him, “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 added that those who
have developed taste for foreign luxury goods should continue to pay for
them rather pressure government to devalue the naira.
President Buhari, who expressed optimism that Nigeria would get out of its
current economic downturn, noted that another major problem militating
against economic revival is the huge resources deployed towards fighting
insurgency and international terrorism. He, however, commended the support
being received from the international community in the administration’s
fight against terrorism as well as cooperation in tracing looted funds
stashed away in foreign countries.
Responding to a question on his performance since he assumed office, the
President said that his administration has been quite focused on three
fundamental issues of securing the country, reviving the economy and
stamping out corruption.
“The message on corruption has been driven home vividly and Nigerians are
very acceptable to the message,” he said, adding that those accused of
stealing public funds are cooperating by voluntarily providing useful
information while investigations and prosecutions are ongoing.
In his opening address at the Forum, the Egyptian President, Abdel-Fattah
El-Sisi, said Africa needs to concentrate on transforming into knowledge
societies using innovation and research. The Presidents of Gabon,
Equatorial Guinea, Sudan and the Prime Minister of Ethiopia also
participated at the Roundtable.
In his opening message, the President of the African Development Bank
(ADB), Akinwumi Adesina, said that “Africa must think big, act big and
develop big.”
Before departing Egypt, President Buhari and his Egyptian host, had a
bilateral discussion on security, military cooperation, agriculture and
solid minerals development.