Effects Of COVID-19 On Our Economy Indicates That We Need To Review Investment Strategy — Buhari

President Muhammadu Buhari has said the effects of the coronavirus pandemic on the economy have showed the need for Nigeria to reevaluate its strategies for doing business.

He pronounced this on Saturday at the 43rd Kaduna international trade fair that was organised by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA).

President Buhari, who was represented by Niyi Adebayo, the minister of trade and investment, said his administration is making efforts to build and strengthen resilience in major sectors that would rejuvenate Nigeria’s economic security.

“The recent COVID-19 pandemic and its attendant effects on crude oil prices, foreign exchange and investment inflows has shown that there is need to urgently reconsider and modify the thinking on investment led by comparative advantage only, in order to guarantee Nigeria’s economic security,” he said.

“Our need to drive job-intensive economic growth means that we have to enable investment in areas with high potential for job creation and reducing the demand for foreign exchange, while it also serves as an opportunity to change the country’s narrative to become less vulnerable to incidents which were not created.”

In his own words, the governor of Kaduna, Nasir el-Rufai lauded KADCCIMA for its efforts on organising the annual event, noting that it would proffer opportunities for companies to display their products and promote the economy of the state.

The Kaduna governor, who was represented by Kabiru Mato, the state’s commissioner for business, innovation and technology, said the Kaduna government has been making efforts to enhance the welfare of youths and women across the state.

Also speaking at the event, Ide Udeagbala, national president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), commended KADCCIMA for putting together the trade fair.