Buhari Assures French Investors of Good Economic Climate

President Muhammadu Buhari has assured investors in France and other parts of the globe of his administration’s commitment to provide a suitable business environment that will boost economic activities and create jobs for the youths; Punch Newspaper reports.

The President said his decision to approach headlong the issue of insecurity within the early days of his government was to ensure the safety of all citizens and guarantee investment for both local and foreign investors.

He stated this on Monday while addressing a gathering of investors at the Nigeria-France presidential business forum which held at the headquarters of the French Business Confederation in Paris.

Buhari explained that Nigeria and France had a cordial trade partnership needed to promote a sustainable win-win business relationship.

He recalled the long standing economic ties between the two countries which he said dated back to 1902 when the Compagnie Française de l’Afrique Occidentale set up a training programme in Lagos.

He assured the French business community that his government would rebuild Nigeria into a competitive, virile and productive economy “based on excellence, integrity, transparency, accountability and respect for the rule of law.”

‘It’s Unhealthy Devaluing Naira further’
In another development, Nigeria's President Muhammadu Buhari said today in an interview with France 24 that he does not think the country's currency, the naira, should be devalued again; Reuters reports.

"I don't think it is healthy for us to have the naira devalued further. That's why we are getting the central bank to make modifications in terms of making foreign exchange available to essential services, industries, spare parts, essential raw materials and so on -- but things like toothpicks and rice, Nigeria can produce enough of those," Buhari said.

Nigeria's central bank has imposed progressively tighter restrictions on access to foreign exchange in an effort to prop up the naira, which has been sliding since the slump in global crude prices last year.

In June, it restricted access to foreign exchange for the import of 41 items ranging from rice and toothpicks to steel products and glass.

Category: 
myfinancialintelligence.com