Nigerian President, Muhammadu Buhari has announced that there will soon be a Nigerian rice production boom.
He assured Nigerians that in 18 months time, the nation will be self-sufficient in rice production.
Amid his one year anniversary in office as President of Nigeria, Buhari summarized his mission as leader in 3 points:
- To narrow corruption rate to zero.
- Ensure the security of the nation.
- To improve the depressed economy.
The latest announcement in Abuja over the Nigerian rice production boom is quite encouraging. It means Nigeria is finally taking practical steps to become a more producing than consuming nation.
The president made this fact public during his speech at the Ramadan breaking of fast with members of the business community. He said about 13 Nigerian states have been identified for rice production.
Buhari said he was working hand in hand with the Minister of Agriculture, Audu Ogbeh, to ensure that the anticipated Nigerian rice production boom goes according to plan.
President Buhari as usual stressed on the nation’s most viable option of investing in agriculture and solid minerals. On that note, he expressed his reservations over the devalued currency.
“How much benefits have 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 naira, in August 1985 when the naira 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.”
Recall that the president has been adamant in devaluing the naira. His reason being that a mono-economy system cannot stand the risk. Noting that since Nigeria imports majority of her consumer goods, devaluing the naira will make goods expensive and will spark off inflation.
Unfortunately, that is the harsh reality faced by the Nigerian population. Hopefully, more and more practical steps in diversifying the economy will help make the nation more economically stable. The proposed Nigerian rice production boom will be helpful in that regard.