Posted by President Bola Ahmed Tinubu’s current financial and economic reforms, according to Mr. Gbenga Olawepo-Hashim, a former presidential aspirant for the All Progressives Congress.
Two key economic measures, abolishing gasoline subsidies and establishing a single exchange rate for the naira, were among Tinubu’s announcements.
While speaking to reporters in Abuja on Monday, Olawepo-Hashim praised the current policy reforms for doing away with both the fraudulent system of oil subsidies and the distortions in the management of foreign exchange.
Interbank FX, Investors and Exporters (I&E), Bureau De Change (BDC), and Small and Medium Enterprises (SME) windows were the four different places in Nigeria where people could exchange currency.
Olawepo-Hashim also said the policy to unify the exchange windows will boost the country’s foreign exchange rate and the free flow of capital because of the improved confidence in the new leadership.
He called on the government to immediately implement appropriate social intervention programs to mitigate the impact of inflation on the poor, while also emphasizing the importance of a naira exchange rate based on market indicators and informed projections to settle around N660 to $1 in the exchange market within the next 6-9 months.
The mass of the people must not be left out of the anticipated economic growth, he added. Nigeria is experiencing a time of immense optimism and self-assurance. The United States is well on its way to become an economic superpower and a great nation.
To paraphrase his argument, “Nigeria with the right policy mix will exceed the projection of Price Water Cooper that Nigeria will be the 9th largest economy in the world by 2050.”
Moreover, “we are capable of hitting the great economic milestone predicted by PWC much earlier and climbing higher on the ladder,” he said.
Olawepo-Hashim emphasized that the new law on decentralized power generation, transmission, and distribution can attract roughly $300 billion over five to seven years from local and foreign financial sources provided it is correctly implemented with concomitant policies.