National Telescope national telescope newspaper
By Funmi Ojo
Ambassador Olufemi Ajadi, a chieftain of the New Nigeria People’s Party (NNPP), has expressed deep concern over the continuous depreciation of the Naira, calling on the Federal Government to take decisive action to improve the nation’s economy.
In a statement, Ajadi lamented that the exchange rate of the Naira to the Ghanaian Cedi and the CFA currency of the West African Economic and Monetary Union (UEMOA) has significantly weakened the Naira.
He noted that Nigeria, once regarded as the Giant of Africa, is losing its enviable position.
Ajadi, a member of the Manufacturers Association of Nigeria (MAN), criticised the government’s lack of effort to improve the economy.
He expressed concern over the negative impact of the dwindling value of the Naira on various sectors of the economy.
He urged the Federal Government to address the issue to alleviate the hardship caused by the surge in prices of commodities, which is eroding the purchasing power of citizens.
Ajadi emphasised the need for government to focus on strengthening productive sectors of the economy and reducing dependence on extensive importation.
He called for a strategic and collaborative approach to address the root causes of the exchange rate crisis.
Ajadi also stressed the importance of a well-defined and consistently applied exchange rate policy, urging collaboration between the Federal Government, economic experts, and industry leaders to foster economic stability, attract foreign investments, and revitalise Nigeria’s industrial sector.
He advocated for policies that support local production, enhance export capabilities, and create a favourable environment for foreign investors.
He also suggested that the government should implement policies to diversify the economy and reduce the nation’s over-reliance on oil exports.
Ajadi noted that promoting agriculture, manufacturing, and technology sectors could create jobs and reduce the vulnerability of the economy to external shocks.
Ajadi urged the Federal Government to prioritise economic reforms that can restore the Naira’s value and improve the standard of living for Nigerians.
He called for a concerted effort to tackle the economic challenges head-on and reposition Nigeria as a leading economy in Africa.
