How We're Reviving The Naira & The Economy – VP Osinbajo Says

To diversify the economy, the Federal Government is collaborating with rice-producing states in the North to step up the commodity’s production. Self-sufficiency in rice and wheat production, according to Vice President Yemi Osinbajo, would ease the pressure on the naira.

The naira exchanges for N197 to the dollar at the official market. It is over N200 at the parallel market.

Osinbajo said the Naira which has plummeted against major currencies would gain value, by moving away from the current mono-product (oil) economy; ensuring an increase in earnings; exporting more products and driving infrastructural development through local and foreign direct investment.

The vice president, who spoke in Enugu, said President Muhammadu Buhari’s economic policies would produce a stronger naira and by earning and exporting more the currency’s value will improve.

The government, he said, was exploring self sufficiency in rice and wheat production which would also help in strenghtening the naira.

“We are trying to ensure that we are self-sufficient in rice and wheat production, so that there will be less pressure on the dollar. One of the major issues is that we have to earn more foreign exchange to raise the value of the naira. 

"We also have to do more business internally to raise the value of the naira. So diversifying the economy is an important way to strengthen the value of the naira,” he said.