Lawrence Olaoye, ABUJA 
There are strong indications that government is seriously considering allowing the naira reflect the realities of the market.
The national currency is changing for N411/$ at the official side of the market but N565/$ at the parallel market, which many believe is reflect of the true value.
Speaking at the midterm retreat of President Muhammadu Buhari’s second tenure, Vice-President Yemi Osinbajo, who hinted this, said the exchange rate is artificially low, and this is deterring investors from bringing foreign exchange into the country.
“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible.
This, in my own respective view, is the only way to improve supply,” Osinbajo said. “As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible.
This, in my own respective view is the only way to improve supply,” Osinbajo said. “We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows by how much our reserves can grow.
I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.
“Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.” However, speaking earlier at the retreat, President Buhari said in order to fully combat challenges of insecurity across the country, he has mandated the Ministry of Defence to commence local production of weapons.
The President, who assured that the Second Niger Bridge and the Lagos- Ibadan Expressway would be completed before the end of his second tenure in 2023, made this disclosure Monday at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organised to assess progress made towards the achievement of the nine key priorities of his administration.
The President in his speech said he had instructed the Ministry of Defence to create a modest military industrial complex for the local production of weapons to meet some of the requirements of the country’s armed forces.
He explained that the establishment of the industrial complex would address Nigeria’s over-dependence on other countries for military equipment and logistics adding that the project was being implemented under the Defence Industries Corporation of Nigeria (DICON), a military department responsible for arms production.
Speaking further on his government’s efforts at strengthening the nation’s security, Buhari said with the receipt of six A-29 Super Tucano propeller-driven aircraft from the United States, training, surveillance and attack would become easier for the military.
“As part of the efforts towards strengthening our national security, we have increased investments in arms, weapons and other necessary equipment; expanded the National Command and Control Centre to 19 states of the Federation; and established a Nigerian Police Trust Fund, which will significantly improve funding for the Nigeria Police Force,” he said.
The President added that he had approved the sum of N13.3 billion for the take-off of the Community Policing initiative across the country, as part of measures adopted to consolidate efforts aimed at enhancing security nationwide.
He highlighted the achievements of his government since 2015 in the areas of infrastructure, transportation, economy, electricity supply, the petroleum industry amongst others.
Apart from the 2nd Niger Bridge and Lagos-Ibadan Expressway, Buhari listed other projects to include the 375 km Abuja – Kaduna – Zaria – Kano Expressway and the East West Road most of which were expected to be completed by 2023.
Other notable achievements highlighted by the President were the establishment of the N15 trillion Infraco Plc.; establishment of the $1 billion Presidential Infrastructure Development Fund and the launching of the Nigeria Innovation Fund by the Nigerian Sovereign Investment Authority (NSIA).
He noted further that his administration had made tremendous progress on railway projects in the country adding that upgrading of the railway network was being extended with the recent completion of the Lagos – Ibadan line.
On the economy, the President said the nation witnessed three consecutive quarters of growth, after negative growth rates recorded in the second and third quarters of 2020.
On efforts to empower the youth and other vulner able groups by enhancing investments in the Social Intervention Programmes, the President said he has approved the expansion of the National Social Register (NSP) by 1 million additional households.
President of the African Development Bank (AfDB), Akinwumi Adesina, in his comments urged Nigeria to invest more in the health sector and boost her pharmaceutical industries adding that Africa has no business begging for coronavirus vaccines but to be producing the product.
He also knocked the Buhari’s administration for reversing some agricultural policies of his predecessor, ex-President Goodluck Jonathan.
He maintained that the country was in a food crisis because certain policies implemented during his time as the nation’s Minister of Agriculture were discontinued.
Secretary to the Government of the Federation (SGF), Boss Mustapha, in his comments, disclosed that the Federal Executive Council (FEC) has since 2015, when Buhari took over government, considered and approved the total sum of 1403 Contracts, Policies and Briefs/Notes comprising of 878 Contracts, 319 Policies and 206 Briefs/ Notes.
