The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, has praised President Bola Tinubu’s economic policies, stating that the challenges caused by his bold reforms are gradually subsiding.
Speaking at the Nigeria-Kazakhstan Business Council International Conference in Abuja, the monarch highlighted key improvements, including the closure of the arbitrage gap between the parallel and official exchange rates—an achievement not seen in two decades.
“We all know the challenges of our dear country. I will give a simple example of a plane at the highest altitude dropping. Any casualty can come up in that process. But we thank God Almighty that things are normalising on a gradual basis in our country. These are all the fruits of great things we are seeing as a nation now,” he said.
He further emphasized the progress being made, adding, “We want to send a message on behalf of the private sector and the traditional institution of this country that we are getting there gradually as a nation. For the first time in 20 years, the arbitrage between the parallel market and the official market has been closed completely.”
The Ooni also pointed to Nigeria’s improved investment climate. “It is quite evident that now our country is investor friendly. Our capital market is repositioned for a better inflow of foreign investment. Also, many Nigerian entrepreneurs that are here are looking forward to connecting with their associates from Kazakhstan as well,” he noted.
Meanwhile, Minister of Agriculture Abubakar Kyari reported a 40% drop in food prices, attributing the decline to a N200 billion intervention fund and improved harvests. However, he urged food processors to reflect these reductions in consumer prices to ease the cost of living.
Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, also addressed the conference, calling for stronger bilateral ties and urging Nigeria to establish an embassy in Kazakhstan to enhance trade and investment between the two nations.
