The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, has praised President Bola Tinubu for his bold economic policies, stating that the initial hardship resulting from these reforms is now easing, bringing relief to Nigerians.
Speaking at the inaugural Nigeria-Kazakhstan Business Council International Conference in Abuja, the monarch noted that, for the first time in two decades, the disparity between the official and parallel foreign exchange markets has been completely closed.
Acknowledging Nigeria’s economic challenges, the Ooni likened the country’s situation to an aircraft experiencing a rapid descent, where casualties are possible but stability is gradually being restored.
He expressed optimism about the nation’s progress, saying, “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.”
The revered monarch further emphasized the positive impact of government policies on Nigeria’s investment climate.
“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 monarch said.
He added that the country’s capital market has been repositioned for foreign investments, and Nigerian entrepreneurs are eager to establish business ties with their counterparts from Kazakhstan.
Reflecting on the growing partnership between both nations, the Ooni recalled that the current bilateral relationship was a result of last year’s meeting between Presidents Tinubu and Kassym-Jomart Tokayev of Kazakhstan.
At the same event, the Minister of Agriculture and Natural Resources, Abubakar Kyari, confirmed reports that food prices in Nigeria had dropped by 40%.
He attributed the price reduction to increased supply, saying, “I believe you are aware of what is going on in the commodity markets now. We have people out there surveying markets in the country. I have not even seen some of my staff for the past two weeks.”
According to Kyari, the monitoring efforts have revealed a significant drop in prices over the past month. However, he urged food processors to reflect these changes in consumer prices, stating, “That is very key because people are still using the finished products, same price, without passing it on to the Nigerian population. So we are also monitoring those and keenly watching what is happening in the retail sector.”
Explaining the cause of the price drop, he highlighted the role of improved harvests and government intervention. “As an economist, I know market prices are determined by supply and demand. It’s simple microeconomics. What happened before was that we were challenged by high demand and low supply. But for 2024, we had a positive harvest, which means we have more supply than previous years.”
He credited President Tinubu’s N200 billion intervention for boosting farmers’ morale and emphasized that additional price stabilization measures are being planned, noting, “It was a deliberate attempt by Mr President to make sure that we bring down food inflation to the bare minimum. And we are still not relenting. We are looking at price stabilisation mechanisms.”
Kyari also addressed the issue of food hoarding, noting that many hoarders were now releasing their stock to avoid losses. He stressed the government’s commitment to discouraging hoarding while ensuring year-round food production.
Deputy Minister of Foreign Affairs of Kazakhstan, Alibek Kuantyrov, expressed appreciation to the Ooni for hosting the Kazakh delegation at the conference.
Highlighting Kazakhstan’s economic landscape, he noted that over 90% of the country’s 20 million citizens conduct cashless transactions.
Kuantyrov urged Nigeria to establish an embassy in Kazakhstan to facilitate business relations, saying, “Unfortunately, Kazakhstan doesn’t yet have an embassy here in Nigeria just as you don’t also have one in our country. We are hoping Nigeria will open one soon. That is also why our delegation is here. So we will also be discussing how to fast-track our diplomatic arrangements and other logistics.”
He also emphasized Kazakhstan’s role in promoting food security across Central Asia and beyond, referencing the establishment of the Organisation of Islamic Food Security, which now has over 40 member countries.
With increasing economic ties and diplomatic discussions underway, both nations are looking to strengthen their relationship for mutual growth and development.
