The Ooni of Ife, Oba Adeyeye Ogunwusi, has commended President Bola Tinubu’s administration, saying Nigeria is experiencing an unprecedented economic transformation driven by the government’s reform agenda.
The monarch made the remarks on Friday during the inauguration of the President Bola Ahmed Tinubu Door-to-Door Movement, where he said the President assumed office with a clear vision and was already delivering tangible results across key sectors of the economy.
According to the Ooni, the scale of economic changes under the current administration is unlike anything Nigeria has witnessed in its history.
“President Bola 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,” he said.
Highlighting what he described as evidence of the administration’s economic progress, the traditional ruler pointed to the performance of Nigeria’s capital market, which he said had reached a historic milestone.
“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 stated.
Oba Ogunwusi also said the country’s foreign exchange market had become more stable, noting that the narrowing gap between exchange rates had reduced opportunities for arbitrage and rent-seeking.
“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 scheme. We are now ready for real production in our country,” he said.
The monarch described the administration’s economic reforms as bold decisions whose benefits were becoming increasingly evident.
“The truth be told, the turnaround in the economy of our country, the legacy of Mr President will definitely speak for him. A very bold decision he took, we’re seeing the impact,” he added.
The Ooni further cited developments in Nigeria’s industrial and energy sectors as further evidence of economic progress, pointing to the country’s growing role in global aviation fuel production.
“Never in the history of our country has Nigeria played a very strategic role in the European economy. Thank God for a company in Nigeria that has sustained the aviation industry of the entire European market.
“Right now, a company in Nigeria, a local company in Nigeria, is at par in terms of production capacity of aviation fuel with the entire United States of America,” he said.
He also referenced the recent agreement involving the Ajaokuta Steel Company and the Nigerian National Petroleum Company Limited (NNPCL), describing it as another milestone in the government’s efforts to revitalise the economy.
“Our President is turning around the engine room of our economy. Look at what just happened with Ajaokuta Steel and NNPC, the strategic agreement in providing gas for an industry that they said could never work in our country.
“I can go on and on about things that this government has achieved,” he stated.
Speaking on behalf of traditional rulers, the Ooni expressed support for the Tinubu administration and its policies.
“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.
He urged those present at the event to applaud the President and other political leaders, saying they deserved recognition for their contributions to Nigeria’s development.
“I think every political leader on behalf of Mr President here today deserves a resounding round of applause. Please, the entire audience, if you truly know that you are not here for selfish reasons but for the betterment of Nigeria, please give the President a resounding round of applause,” the monarch said.
