The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has praised President Bola Tinubu’s administration, saying the President assumed office with a clear vision and has delivered significant progress in governance and the economy.
The monarch spoke on Thursday during the inauguration of the PBAT Door-to-Door Movement in Abuja. He said the administration’s policies have produced results that Nigeria had not witnessed in previous years.
Ooni highlights economic achievements
According to the traditional ruler, the country’s capital market has recorded remarkable growth under Tinubu’s administration.
“President Bola Ahmed came very prepared, and the result is obvious. From the public governance and the private sector, what’s happening in this country has never been experienced before.”
He added:
“If you go to capital market of Nigeria today, we are getting to a market capitalisation of over N140 trillion. Never in the history of Nigeria.”
The Ooni also said Nigeria has become more relevant in the global economy because of the administration’s reforms.
“Never in the history of our country that Nigeria will play a strategic role in the European economy.”
Monarch cites foreign reserve growth
Oba Ogunwusi also pointed to the country’s foreign reserves, saying the figures reflected improvements in economic management.
“Also, the foreign reserve of this country is now getting to $52 billion. This can finance importation in the next three years conveniently.”
He expressed confidence that the naira would become more stable as ongoing reforms take effect.
“The projection is there, and clearly the dollar is going to be stabilised, and there won’t be anything to shake our foreign exchange. The disparity is so close.”
The monarch said the government had reduced opportunities for arbitrage and rent-seeking while creating an environment that supports productive investment.
“No more arbitrage. No more rent-seeking. We are now ready for real production in our country. Look at what he has done to Ajaokuta Steel and the NNPC.”
Ooni expresses support for Tinubu
The Ooni said traditional rulers across the country were proud of Tinubu’s leadership and remained optimistic about the administration’s direction.
His remarks come as many Nigerians continue to debate the impact of the Federal Government’s economic reforms, including the removal of fuel subsidy and other policy changes that have contributed to rising living costs.
What happens next?
The Federal Government is expected to continue implementing its economic reforms while monitoring their impact on inflation, investment and overall economic growth. Meanwhile, public debate over the benefits and challenges of the policies is likely to continue.
