Nigeria’s vice president, on Thursday, said that a weaker U.S. dollar does not necessarily hurt Nigeria.
He stated this after U.S. Treasury Secretary, Steven Mnuchin, welcomed a weaker dollar, saying it benefited U.S. trade balances in the short term.
Speaking at the World Economic Forum in Davos, Osinbajo said:
“A weaker dollar doesn’t necessarily hurt Nigeria.
“We are concerned most about ensuring that we are able to make our own exports cheaper and we working on all of that. Our major concern is how to make ourselves more competitive,” he added.
Attacks on energy facilities in the southern oil-producing Niger Delta region pushed Africa’s biggest economy into recession in 2016, which was its first in 25 years.
Niger Delta Avengers, the group which claimed responsibility for most of the attacks, last week said it would resume attacks within days.
“We are in constant consultation with all groups in the Niger Delta,” said Osinbajo, when asked about the government’s response to the latest threat.
The country’s recovery since emerging from recession in the second quarter of 2017 has largely been driven by crude oil sales.