Weak Dollar Won't Hurt Nigerian Economy – Osinbajo
Things are not going so well for the powerful American dollar as it always did, and Nigeria won’t panic because of it, says Nigeria’s Vice President, Yemi Osinbajo.
Apparently, there are speculations in some quarters that Nigeria’s economy may suffer if the American dollar continues to weaken.
But Vice President Yemi Osinbajo said on Thursday at the ongoing World Economic Forum in Davos that a weaker U.S. dollar will not necessarily hurt Nigeria’s economy.
“A weaker dollar doesn’t necessarily hurt Nigeria,” said Osinbajo.
“We are concerned most about ensuring that we are able to make our own exports cheaper and we are working on all of that. Our major concern is how to make ourselves more competitive,” he added.
Nigeria’s dependence on oil as a major foreign exchange earner is the source of concern. Osinbajo also responded to concerns about attacks on energy facilities in the Niger Delta region, a resurgence which pushed Nigeria’s economy into recession in 2016 - its first in 25 years.
Niger Delta Avengers, the group which claimed responsibility for most of the attacks, last week said it would resume attacks within days.
“We are in constant consultation with all groups in the Niger Delta,” said Osinbajo, when asked about the government’s response to the latest threat.
The country’s recovery since emerging from recession in the second quarter of 2017 has largely been driven by crude oil sales.
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