13 states to produce rice next 18 months, says Buhari

Buhari: I don’t believe in naira devaluation

president Muhammadu Buhari yesterday said 13 states can produce rice to feed the country in the next 18 months.

Buhari spoke during the breaking of fast dinner he held for the business community.

Despite the ongoing implementation of the flexible policy which has systematically devalued the nation’s currency, Buhari said he not see any benefit that the country can derive from devaluation of the naira.

He said: “How much benefit have we derived from naira devaluation in the past. I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naria; in August 1985 when the naria was N1.3 to a dollar now you need N300 or N350 to a dollar.

“What do we derive from that, how much benefit can we derive from this ruthless devaluation of the naira. I’m not an economist neither a businessman. I fail to appreciate what is the economic explanation.

“What has happen to us know is that we have maneuvered ourselves into mono economy which means which led to the collapse we are seeing now. A lot of responsibilities now fall on your shoulders now. You have a lot of investments, a lot of people you employ.”

Chairman of Unilever, Kola Jamodu, pledged the support of the group to Buhari’s administration.

He said: “We are with you as you strive to reposion the Nigerian economy. We are very much in support of your move to diversify the economy. I have the mandate of the group that we will give you all the support because if the economy is in disarray, the private sector cannot survive.”

Among those who attended the dinner are Aliko Dangote, Tony Elumelu, Femi Otedola, Wale Tinubu, Jim Ovia, Umar Mutalab, Folorunsho Alakija and Kemi Nelson.