We are no longer a pariah state. Wherever I go, I have been received with un-accustomed hospitality. Investors from all over the world are falling over themselves to come and do business in Nigeria. This government intends to make business environment more friendly because we cannot develop ourselves alone
Emmanuel Ukudolo
Nigeria, October 1, 2016 – President Muhammadu Buhari today raised hopes of Nigerians, promising that the current programmes of his administration will restore value to the Naira and restore the economy.
The Naira currently exchanges for 480 and 492 to I US Dollar. But the President believes that everything has been put in place to restore the value of the Naira.
The President who was speaking on the 56th anniversary of Nigeria described corruption as a cancer which must be fought with all the weapons at our disposal.
“It corrodes the very fabric of government and destroys society. Fighting corruption is Key, not only to restoring the moral health of the nation, but also to freeing our enormous resources for urgent socio-economic development. In fighting corruption, however, the government would adhere strictly by the rule of law. Not for the first time I am appealing to the judiciary to join the fight against corruption”, he said.
He explained that the third plank in this administration’s drive to CHANGE Nigeria is re-structuring the economy.
“Economies behaviour is cyclical. All countries face ups and downs. Our own recession has been brought about by a critical shortage of foreign exchange. Oil price dropped from an average of hundred USD per barrel over the last decade to an average of forty USD per barrel this year and last.
“Worse still, the damage perpetrated by Niger Delta thugs on pipelines sometimes reduced Nigeria’s production to below One million barrels per day against the normal two point two million barrels per day. Consequently, the naira is at its weakest, but the situation will stabilize.
“But this is only temporary. Historically about half our dollar export earnings go to importation of petroleum and food products! Nothing was saved for the rainy days during the periods of prosperity. We are now reaping the whirlwinds of corruption, recklessness and impunity”, he said.
He said there are no easy solutions, but that there are solutions nonetheless and Government is pursuing them in earnest.
“We are to repair our four refineries so that Nigeria can produce most of our petrol requirements locally, pending the coming on stream of new refineries. That way we will save ten billion USD yearly in importing fuel. At the same time, the Federal Ministry of Agriculture and the Central Bank have been mobilized to encourage local production of rice, maize, sorghum, millet and soya beans. Our target is to achieve domestic self-sufficiency in these staples by 2018.
“Already farmers in thirteen out of thirty six states are receiving credit support through the Central Bank of Nigeria’s Anchor Borrowers Programme. Kebbi state alone this year is expected to produce one million tonnes of locally grown rice, thanks to a favourable harvest this year. As part of the 13 states, Lagos and Ogun are also starting this programme. Rice alone for example costs Nigeria two billion USD to import”, he said adding that the country should be self-sufficient in basic staples by 2019.
“Foreign exchange thus saved can go to industrial revival requirements for retooling, essential raw materials and spare parts. It is in recognition of the need to re-invigorate agriculture in our rural communities that we are introducing the LIFE programme”, the President said.
According to him, the second plank in the economic revival strategy is centred on the Ministry of Power, Works and Housing.
“The Ministry will lead and oversee the provision of critical infrastructure of power, road transport network and housing development. Power generation has steadily risen since our Administration came on board from three thousand three hundred and twenty four megawatts in June 2015, rising to a peak of five thousand and seventy four megawatts in February 2016.
“For the first time in our history the country was producing 5,000 megawatts. However, renewed militancy and destruction of gas pipelines caused acute shortage of gas and constant drop in electricity output available on the grid”, he said, adding that the period between June 2015 to September 2016 witnessed big improvement in transmission capacity from 5,700 megawatts to the present 7,300 megawatts.
“There were only two system collapses between June and December 2015, but due to vandalism by Niger Delta militants the over-all system suffered 16 system collapses between March and July 2016 alone”, he said adding that he is engaging with responsible leadership in the region to find lasting solutions to genuine grievances of the area but government will not allow a tiny minority of thugs to cripple the economy.
He said that 725 billion in the budget has been released for capital projects and that work is ongoing a number of federal roads.
He noted that abroad, Nigeria’s standing has changed beyond belief in the last 18 months.
“We are no longer a pariah state. Wherever I go, I have been received with un-accustomed hospitality. Investors from all over the world are falling over themselves to come and do business in Nigeria. This government intends to make business environment more friendly because we cannot develop ourselves alone. All countries, no matter how advanced, welcome foreign investments to their economy. This is the essence of globalization and no country in the 21st century can be an island. Our reforms are therefore designed to prepare Nigeria for the 21st century”, he said.
