Nigerian President Muhammadu Buhari ruled out currency devaluation and said he plans to hold talks with leaders in the Niger River delta as attacks on oil installations sap the nation’s economy.
The government has “resolved to keep the naira steady,” Buhari said Sunday in a television broadcast to mark his first year in office. “In the past, devaluation has done dreadful harm to the Nigerian economy.”
Africa’s largest economy shrank for the first time since 2004 in the first quarter as the government contends with lower global crude prices and production losses caused by violence in the oil-rich delta region. The country derives about two-thirds of state revenue from crude.
Buhari aims to curb attacks in the delta region through steps including a revamped amnesty program for ex-fighters and talks with leaders in the region.
“The recent spate of attacks by militants disrupting oil and power installations will not distract us from engaging leaders in the region in addressing Niger delta problems,” Buhari said.