The alarming decline in the Naira's value, currently trading around N1,300 to the Dollar, has raised serious concerns among key players in the economy, with Ambassador Olufemi Ajadi Oguntoyinbo joining the widespread calls for action. Ajadi, a prominent figure in the Manufacturers Association of Nigeria and the New Nigeria People’s Party's gubernatorial candidate for Ogun State, has highlighted the urgent need for the Federal Government to address the currency's fall.
As the CEO of Bullion Go-Neat Global Limited, Ajadi's extensive expertise and insight have led him to express grave worries about the Naira's depreciation's far-reaching effects on different economic sectors. He describes this situation as a potential source of national shame and urges the government to act quickly to mitigate the suffering of the populace.
Ajadi points out that the Naira's poor performance has triggered a spike in prices, severely diminishing the average citizen's buying power. This inflationary trend is placing immense financial burdens on Nigerians. For entrepreneurs, maintaining production levels is increasingly difficult, forcing them to transfer these heightened costs to their customers.
Furthermore, Ajadi stresses the importance of the Federal Government bolstering the productive areas of the economy, aiming to cut down on excessive reliance on imports. He argues that a focused, cooperative strategy is essential to tackle the core issues behind the exchange rate dilemma. Proposing solutions, he suggests enhancing basic infrastructure and providing incentives for key industry players to reduce production expenses and improve income levels.
