A chieftain of New Nigeria People’s Party (NNPP) Amb. Olufemi Ajadi has expressed worries over the continuous depreciation of Naira, urging Federal government to take decisive action to improve it.
Ajadi stated that exchange rate of Naira to Ghana Cedis and CFA currency of eight independent States in West Africa, which make up the West African Economic and Monetary Union (UEMOA; Union Économique et Monétaire Ouest Africaine) makes Naira to become so weak.
A statement by Ajadi stated that Nigeria was proudly touted as the Giant of Africa but losing the envious position.
The member of the Manufacturers Association of Nigeria (MAN) decried the low attitude of government to improve the nation’s economy .
Ajadi, who brings a wealth of experience as a CEO of a firm, also expressed deep concern over negative impacts of the dwindling value of the Naira on various sectors of the economy.
He urged Federal Government to address the issue to alleviate the hardship as a result of surge in prices of commodities, saying it was effectively eroding the purchasing power of the citizens.
“As prices soar, the Nigerian people find themselves 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 said.
He also emphasised the need for Federal Government to focus on shoring up productive sectors of the economy, reducing dependence on extensive importation.
He contended that addressing the root causes of the exchange rate crisis requires a strategic and collaborative approach.
He asked economic planners to develop sustainable policies to stabilise the Naira rate and contain inflation.
He 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 revitalisee Nigeria’s industrial sector.
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He said: “I am very sad that Nigeria’s currency can no longer compare favourably with Ghana Cedis and West Africa Coast CFAs. That is the reality we are in now. Anybody still calling Nigeria the giant of Africa is economical with the truth. One Ghanaian Cedi now exchange for almost N106. CFAs too has dumped Naira behind.
“How did we get to this sorry state? The government and business leaders in Nigeria as well as our academia must stand up now and let’s do whatever we need to do to improve our economy. We cannot continue like this. All hands must be on deck to rescue our economy”.
He suggested return to the agricultural sector, saying the era of Cocoa, Kolanut, palm produce and cotton for export must come back.