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.
“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
infra-structural development.”
"This is our approach to speeding up the country’s
infra-structural 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.
“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 reassuredinvestors 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.
Source: Vanguard
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