According to him, raising the value of the Naira will take a multi-pronged approach, including ensuring there is an increase in earnings, exporting more and driving infrastructural development through local and foreign direct investments.
He made the disclosure while fielding questions from newsmen in Enugu, at the weekend, assuring that the Buhari administration’s economic policies would produce a stronger Naira through earning and exporting more.
Osinbajo said this forms a critical part of the current federal government’s diversification agenda of the economy, disclosing further that the government has already embarked upon a plan for self-sufficiency in rice and wheat production, which, when it succeeds will reduce pressure on foreign exchange.
Speaking specifically on the agriculture programme of the government, the Vice President said “we are trying to ensure that we are self-sufficient in rice production and wheat production, so that there will be less pressure on the dollar.
“The federal government is 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, Osinbajo 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 str
“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 will improve the value of the Naira”.
Also, the Vice President restated the Federal Government’s interest in ensuring that all inter-state roads in the Southeastern region of the country are accessible for the ease of commerce and movement of people, adding that it was in the interest of the nation’s economic development.
Speaking about the rehabilitation of the Enugu-Port Harcourt-Onitsha road, Osinbajo noted that he had already discussed the issue with the 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.”
He re-assured that “despite all the constraints, it is important that we rehabilitate the roads, especially between cities where there is a lot of commercial activities”.
0 comments:
Post a Comment