FG Reveals Strategies To Boost Naira, Diversify Economy
The federal government has revealed strategies to boost the value of naira and diversify the economy.
FG Reveals Strategies To Boost Naira, Diversify Economy? Yes! Vice President Yemi Osinbajo who spoke in Enugu said President Muhammadu Buhari’s economic policies would produce a stronger naira.
To achieve this, the federal government is collaborating with rice-producing states in the North to achieve self-sufficiency in rice and wheat production.
Vice President Yemi Osinbajo
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Osinbajo added that the moves would also ease the pressure on the naira ” We are trying to ensure that we are self-sufficient in rice and wheat production, so that there will be less pressure on the dollar. 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 strengthen the value of the naira,”he said.
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At the official market, the exchanges rate of naira to Dollars is N197 while naira value is over N200 at the parallel market.
In recent times, the Naira has plumped compared to major currencies. Osinbajo is however, optimistic it would gain value if efforts are made to move the economy from its current mono-product system ensuring an increase in earnings; exporting more products and driving infrastructural development through local and foreign direct investment.