Fidelity bank banner Bayelsa State banner
Recession: EU advises Nigeria to devalue Naira

By News Express on 04/10/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,293


European Union (EU) official Fillippo Amato has advised the Federal Government to devalue the Naira as part of measures to tackle the economic recession.

Amato, Counsellor, Head of Trade and Economics Section of EU, made this known in an interview with the News Agency of Nigeria (NAN) on Monday

The EU official said that recession could not be addressed with traditional development tools.

He said the recession was a recent development which was due to a number of factors, including the fall in oil prices and resurgence of militancy in the Niger Delta.

“To come out of recession, the country has to take brave decisions, regardless of how unpopular they may be such as fully and effectively devaluing the Naira.

“Devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.

“At the same time, it will further reduce imports, thereby removing artificial forex restrictions, and removing any potential waste of scarce resources such as the fuel subsidy.

“Improving security (in the Northeast and Niger-delta) and ease of doing business are also key factors on which the government must urgently work to re-launch the economy.”

Amato said that EU had been at the forefront of aid for trade support activities in Nigeria and ECOWAS.

He said the most important programme the EU was implementing in Nigeria with its partners – GIZ, DFID/Adam Smith International and UNIDO – was the Nigeria competitiveness Support Programme.

“The programme aims at improving the quality of Nigeria products to comply with international standards.

“The programme is providing capacity building to several Ministries, Departments and Agencies such as Ministry of Agriculture, Standards Organisation of Nigeria, Consumer Protection Council, Nigerian Customs Services and NADFAC.

“We support the trade institutions in the formulation and implementation of a sound trade policy (support to the Federal Minister of Industry, Trade & Investment, and Nigerian Customs Service).

“This is to improve the business environment, with pilot projects in Kano and Kaduna to improve the procedures for obtaining land titles, and business licences.”

He said Nigeria also needed to take advantage of the devaluation of its currency by diversifying its sources of foreign exchange revenue and this mainly through boosting its non-oil exports.

Amato said that EU would increase its support to the country under the Economic Partnership Agreement (EPA) if ratified.

“EPA aims at boosting industrialisation and sustainable development of West Africa, both through improved (predictable, transparent and long-term) trade relations and through a development cooperation component.

“In addition, on Sept. 14, the EU has launched a European External Investment Plan which will further support private sector investments in the African continent, including Nigeria.

“The plan will support investments in the continent by providing targeted guarantees and ameliorating the investment climate and the overall policy environment in partner countries.

“The Plan will be implemented through the new European Fund for Sustainable Development, with EU funds totalling 3.35 billion Euros until 2020.

“The EU Funds are expected to mobilise up to 44 billion Euros additional investments.”

He, however, advised Nigeria to take into consideration all the opportunities the EPA would offer to Nigeria and communicate them to all interested stakeholders.

“The role of the government is also to reassure all stakeholders that there is no reason to be worried in the course of implementation of the EPA.

“The government will use all instruments offered by the EPA to ensure it will achieve its objective to promote industrialisation and development of Nigeria and West Africa.

“The EU will do its part to ensure these objectives are achieved.”

According to him, in a globalised world no country or regional community can ignore the destiny of its neighbours.

“The EU, in particular, due to its historic ties and geographic proximity to West Africa, has a strong interest in promoting and supporting West Africa’s development, well-being, prosperity and stability.” (NAN)

 

Source News Express

Posted 04/10/2016 05:18:08 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Petroleum depot and tank farm owners rally support...

Security operatives intercept Boko Haram’s recruitment book

Pictured: Taraba Governor Suntai stages triumphal return 10...

Abia guber rerun: Obiano campaigns for Otti

N100bn more needed to complete East-West road project...

Journalist hastily imprisoned for alleged false report about...

Missing $20B oil revenue: APC ISSUES BATTLE CRY,...

Of Joy Odama and a compromised police

NGF election update: CONFUSION AS JANG, AMAECHI CLAIM...

Dangote flags off distribution of food items to...

Obiano’s educational reforms and Anambra’s chart-topping performances

Zamfara to adopt Treasury Single Account

 

Latest News How Wike’s Chief Security Officer led Government House security officials to disrupt Rivers bye-election — APC Alarm bells as job and contract scams hit Niger Delta Nigeria’s democracy in danger: Savannah Centre Osun APC Guber: There was a conspiracy against me — Deputy Speaker, Lasun Third Mainland Bridge to be temporarily shut for 4 days – Lagos Govt 2019: Youths demand waiver, 50 per cent discount on nomination forms Man fights for his life in ICU after phone explodes while charging in bed NAF fighter jets bombard bandits’ hideouts in Zamfara Aregbesola’s free ride: Many stranded as travellers besiege railway terminal PDP wins Taraba's Takum 1 bye-electio NUJ condemns demolition of Ayefele’s radio station by Oyo Govt Ortom seeks global support for Benue IDPs

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (378,962 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (367,347 views) Shameless Genevieve Nnaji exposes breasts in public (297,110 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (242,440 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (223,431 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,547 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (193,158 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (175,307 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,976 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,828 views) Lagos plane crash: Journalist releases victims’ names (153,118 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (143,388 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,462) Business Verdict (48) Columnists (912) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (640) Global Business Monitor (295) International (2,279) Interview (162) Live Commentary (28) Love Matters (135) News (38,143) Opinion (1,063) Pidgin (11) Politics (6,101) Religion (827) Sports (1,652) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement