- In a statement released on Saturday, Oguntoyinbo called on the federal government to address the alarming economic situation
Ambassador Olufemi Ajadi Oguntoyinbo, a chieftain of the New Nigeria People’s Party (NNPP), has urged President Bola Ahmed Tinubu to take swift action to prevent the further depreciation of the naira.
Oguntoyinbo emphasized that continued depreciation will have dire consequences for the nation and its citizens.
In a statement released on Saturday, Oguntoyinbo called on the federal government to address the alarming economic situation.
“The parlous state of the naira has led to a surge in prices of commodities, eroding the purchasing power of the citizens,” he lamented.
Oguntoyinbo highlighted the troubling exchange rate of the naira to the Ghanaian cedi and the CFA franc used by eight West African countries, describing it as a “shame and a shambolic nature of Nigeria’s economy.”
He noted that Nigeria, once proudly touted as the Giant of Africa, has lost that envious position.
“The Federal Government should focus on shoring up productive sectors of the economy and reducing dependence on extensive importation,” he advised.
“Addressing the causes of the exchange rate crisis requires a strategic and collaborative approach. Basic infrastructure provision and incentives for real sector operators are among the measures to alleviate production costs and elevate income values, which are paramount for the naira’s stability.”
Oguntoyinbo also pointed out the challenges faced by entrepreneurs due to the naira’s depreciation. “As prices soar, the Nigerian people are grappling with increased financial strain. From an entrepreneurial standpoint, sustaining production becomes a formidable challenge, prompting manufacturers to pass on additional costs to consumers,” he explained.
He stressed the need for collective efforts to improve the economy.
“The government, business leaders, and academia must stand up now and take necessary actions to improve our economy. We cannot continue like this. All hands must be on deck to rescue our economy,” he urged.