By Charles Okonji
Ambassador Olufemi Ajadi Oguntoyibo, Managing Director, Bullion Go-Neat Global Limited, has renewed call on the Federal Government to implement policies that would help fix the local operating environment for business.
Ajadi made the call on Tuesday fielding questions with real sector Journalists under the aegies of Commerce and Industry Correspondents Association of Nigeria CICAN in Lagos.
According to him, a situation wherrby entrepreneurs have to provide infrastructure to work was eating into their capital hindering meaningful business.
Lamenting on high cost of forex, he cited an example with the parlous exchange rate of the Naira to other currencies, “currently about N1700 to the Dollar, it was unimaginable.”
Ajadi, gubernatorial candidate of the New Nigeria People’s Party (NNPP) in Ogun State said it is almost becoming a national embarrassment for the country’s currency to continue on a downward slide, leaving negative impacts on other sectors of society.
According to him, the poor value of the Naira relative to other currencies had further impoverished the citizens, especially given the interdependent nature of global economies.
He urged the Federal Government, as a matter of urgency to shore up productive sectors of the economy thereby reducing dependence on wholesome importation.
“There is no doubt that things are becoming increasingly difficult in the country. prices have gone up so high making the naira almost worthless.
“The government should do something about this and reduce the suffering of Nigerians”,
He said because sustaining production had become difficult, that manufacturers were passing the incidental expenses on the masses.
Ajadi contended that there was need for economic planners to sit down at a table, and come up with sustainable policies to shore up the naira rate, and also contain inflation.
Recent data supports Ajadi’s perspective, revealing a noticeable decline in industrial output during periods of intense currency fluctuations. Investors, wary of the uncertain economic environment, are increasingly hesitant to commit to long-term projects, leading to limitations in job creation and hindering overall economic growth.
Ajadi calls for a strategic and transparent approach to exchange rate management. He emphasizes the necessity for collaboration between the Federal Government, economic experts, and industry leaders to formulate a comprehensive and stable exchange rate policy. Such a policy, he argues, is crucial for attracting foreign investments, boosting local production, and revitalizing Nigeria’s industrial sector.
