The President says he’s worried about rising inflation and falling foreign exchange revenue.
The President said this at a symposium organized by the Association of African Central Banks titled ‘Unwinding unconventional monetary policies: implications for monetary policy and financial stability in Africa’, The Cable reports.
“The region is confronted with several global and domestic economic challenges. Most worrisome is the slowdown in growth, weakening global demand, rising inflation, restrictions in capital flows, rising debt levels, increased exchange rate volatility and depleting external reserves,” Buhari said. “Those of us who rely on only natural resources such as Nigeria, Angola, South Africa, and Mozambique have been hit the hardest,” he added.
The President urged attendees to innovate and not just copy custom-made solutions from developed economies.