OUR POLICIES MAY HURT SOME BUSINESSES IN THE SHORT TERM, BUT THEY’RE RIGHT FOR THE NATIONAL ECONOMY – BUHARI

President Muhammadu Buhari said Wednesday in New
Delhi that despite the fall in oil prices, his
Administration remains fully committed to maintaining
macro-economic stability and improving investor
confidence in Nigeria.
At an interactive session with Chief Executives of Indian
companies with interests in Nigeria, President Buhari
expressed the belief that with its abundance of human
and material resources, the Nigerian economy does not
have to suffer unduly from low oil prices, despite its
severe impact on government revenues.
“What is required of us, to which we are strongly
committed, is the implementation of tight expenditure
controls, effective fiscal and monetary policies,
including the husbandry of scarce resources which our
introduction of the Single Treasury Account has began
to address.
“We are aware some of these measures may hurt
operations of some businesses in the short term, but
we believe they are right for a sustainable economy,”
the President said.
Noting that India has been a dependable ally and
friend of Nigeria, President Buhari urged the Chief
Executives to expand their companies’ investments in
Nigeria “so that we can, together, turn our
engagements into a win-win situation for our two
countries”.
“We can increase and diversify the current volume of
our bilateral trade beyond US$16.36 billion, and
diversify to other critical sectors such as agriculture;
green technologies in power generation; infrastructure;
information and communications technologies; the
services sector; education; industry, especially textiles
and solid minerals among others,” the President told
them.
President Buhari also urged the Indian CEOs, to accept
the changes in policy being introduced by his
administration and observe all extant Nigerian laws in
running their business in the country.
He warned, particularly, that his administration will not
tolerate the importation of sub-standard goods,
especially foods and medicines, into Nigeria.

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