Ooni backs Tinubu, says economic reforms yielding results
The Ooni of Ife, Oba Adeyeye Ogunwusi, has backed President Bola Tinubu’s economic reforms, saying they brought about changes the country had never experienced before.
He cited developments in the capital market, foreign reserves and the foreign exchange market as gains of the reform
Speaking at the inauguration of the “President Bola Ahmed Tinubu Door-to-Door Movement” in Abuja on Thursday, the monarch said the President assumed office well prepared and that the impact of his policies was evident across the public and private sectors.
The traditional ruler said the country’s capital market was approaching a market capitalisation of over N140tn, describing it as unprecedented in the country’s history.
“Tinubu came very prepared, and the result is obvious. From the public governance and the private sector, what is happening in this country, we have never experienced it before.
“If you go to the capital market of Nigeria today, we are getting to a market capitalisation of over N140 trillion. Never in the history of Nigeria.
“Also, the foreign reserve of this country is now getting to $52 billion. This can finance importation in the next three years conveniently,” Ooni said.
According to him, the country’s foreign exchange market has become more stable, reducing opportunities for arbitrage and rent-seeking.
The monarch also described the administration’s economic reforms as bold decisions whose impact was becoming increasingly visible.
“The projection is there clearly that the dollar is going to be well stabilised and there will not be anything to shake our foreign exchange. The disparity is so close, no more arbitrage, no more rent scheme. We are now ready for real production in our country.
“The truth be told, the turnaround in the economy of our country, the legacy of Mr President will definitely speak for him. A very bold decision he took, we’re seeing the impact,” he said.
Oba Ogunwusi also pointed to developments in the country’s industrial and energy sectors.
He said, “Never in the history of our country has Nigeria played a very strategic role in the European economy. Thank God for a company in Nigeria that has sustained the aviation industry of the entire European market.
“Right now, a company in Nigeria, a local company in Nigeria, is at par in terms of production capacity of aviation fuel with the entire United States of America.”
He also referenced the recent agreement involving the Ajaokuta Steel Company and the Nigerian National Petroleum Company Limited, describing it as another milestone.
“Our President is turning around the engine room of our economy. Look at what just happened with Ajaokuta Steel and NNPC, the strategic agreement in providing gas for an industry that they said could never work in our country.
“I can go on and on about things that this government has achieved,” he said.
Speaking on behalf of traditional rulers, the Ooni expressed support for the Tinubu administration.
“On behalf of all the traditional rulers of this country, we are very proud and very happy to be associated with this government,” the monarch said.
He thereafter urged the audience to applaud the President and other political leaders present at the event.
“I think every political leader on behalf of Mr President here today deserves a resounding round of applause. Please, the entire audience, if you truly know that you are not here for selfish reasons but for the betterment of Nigeria, please give the President a resounding round of applause,” he said.
