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Recession : E.U. urges FG to devalue Naira

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naira-for-dollarEuropean Union, Head of Trade and Economics Section Fillippo Amato has advised the Federal Government to devalue the Naira as part of measures to tackle the economic recession.

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.

According to him, devaluing the Naira is a measure, which will finally reassure investors and attract new capitals to the country.

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.

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