The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, has commended President Bola Tinubu, stating that the hardship from his economic reforms is easing and beginning to yield results.
Speaking at the Nigeria-Kazakhstan Business Council International Conference in Abuja, the monarch highlighted the narrowing gap between the parallel and official exchange rates, marking a first in 20 years.
“We all know the challenges of our dear country. But we thank God that things are gradually stabilising. These are the fruits of the great efforts we are witnessing as a nation,” he said.
“For the first time in 20 years, the arbitrage between the parallel market and the official market has been closed completely. Our country is now investor-friendly, and our capital market is attracting foreign investment,” he added.
Food Prices Drop by 40%
Minister of Agriculture and Natural Resources, Abubakar Kyari, confirmed a 40% drop in food prices, attributing it to increased supply.
“We have real-time monitoring of market prices, and in the last month, food prices have dropped by 40%. However, we urge food processors to reflect this reduction in retail prices,” Kyari stated.
He credited President Tinubu’s ₦200bn intervention for boosting agricultural productivity, discouraging hoarding, and ensuring year-round harvesting.
Kazakhstan Strengthens Ties with Nigeria
Deputy Minister of Foreign Affairs of Kazakhstan, Alibek Kuantyrov, praised the Ooni for hosting the delegation and urged Nigeria to open an embassy in Kazakhstan to facilitate trade and diplomatic relations.
“Our goal is to enhance food security across Central Asia and beyond. We hope to fast-track diplomatic arrangements with Nigeria for better cooperation,” he said.