Buhari Says Nigeria’s Currency Squeeze Is a ‘Temporary Phase’

LAGOS, Nigeria, Capital Market in Africa — Nigerian President Muhammadu Buhari said the foreign-exchange squeeze being faced by the country is a “temporary phase” to be overcome when structural problems are addressed.

“It grieves me that so many manufacturing industries in the country today are groaning and frustrated because of lack of foreign exchange to import raw materials and spare parts,” Buhari said Monday at the start of a meeting on the economy in Abuja, the capital. “I believe it’s a temporary phase which we shall try to overcome.”

In addition, President Buhari stated that the country will generate 10,000 megawatts of electricity by 2019. In 2016 alone, Nigeria intends to increase power generation by 2,000 megawatts and power supply is hampered by vandalism of gas installations.  says. “Constant power cuts destroying economic activity and affecting quality of life”. Buhari also calls banks including Central Bank of Nigeria to increase support to farming.