The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has praised President Bola Tinubu’s economic reforms, saying the President assumed office well-prepared and has delivered policies that are transforming Nigeria’s economy.
Speaking at the inauguration of national executives of PBAT door-2-door movement, the monarch said Nigeria was witnessing economic changes that had never been experienced before.
“President Bola Ahmed Tinubu came very prepared and the result is obvious. From the public governance and the private sector, what is happening in this country we have never experienced it before,” the Ooni said.
He pointed to developments in the capital market and the country’s external reserves as evidence that the reforms were yielding results.
“If you go to the capital market of Nigeria today, we are getting to a market capitalisation of over ₦140 trillion. Never in the history of Nigeria. Also, the foreign reserve of this country is now getting to $52 billion. This can finance importation in the next three years conveniently,” he said.
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The monarch expressed optimism that Nigeria’s foreign exchange market would continue to improve, saying recent policies had reduced distortions in the system.
“The projection is there clearly that the dollar is going to be well stabilised and there will not be anything to shake our foreign exchange. The disparity is so close, no more arbitrage, no more rent-seeking. We are now ready for real production in our country,” he added.
According to the traditional ruler, the Tinubu administration’s economic policies would define the President’s legacy.
“The turnaround in the economy of our dear country, the legacy of Mr President will definitely speak for him. A very bold decision he took, we’re seeing the impact,” he said.
The Ooni also highlighted what he described as Nigeria’s growing strategic importance in the global economy, citing local aviation fuel production and recent industrial initiatives.
“Never in the history of our country that Nigeria will play a very strategic role in the European economy. Thank God for a company in Nigeria to have sustained the aviation industry of the entire European market,” he said.
He further referenced recent developments involving the Ajaokuta Steel Company and the Nigerian National Petroleum Company Limited (NNPCL), describing them as signs of renewed industrial growth.
“Look at what just happened with Ajaokuta Steel and NNPC, the strategic agreement in providing gas for an industry that they said it can never work in our country. I can go on and on about things that this government has achieved,” the monarch said.
Expressing the support of traditional rulers for the administration, the Ooni said they were proud to identify with the government.
“On behalf of all the traditional rulers of this country, we are very proud and very happy to be associated with this government,” he said before urging Nigerians to applaud the President for what he described as his bold leadership and commitment to national development.