APOSTLE Dapo Ojo has expressed concern about the deteriorating economic conditions in Nigeria, attributing much of the hardship to the monetary policies implemented by the government led by President Tinubu.
The cleric noted that the hike in fuel prices has had a ripple effect, causing transportation costs to soar, food prices to rise, and overall inflation to escalate. This, in turn, has put additional pressure on the lives of Nigerians.
Apostle Ojo, urged the government to heed the advice of global financial bodies like the World Bank, as well as other relevant organisations, in order to address the nation’s economic challenges and find effective solutions to stabilize the economy.
He made his remarks in his keynote address at the 36th graduation ceremony of the Proof Producers Bible College, which took place at the Be-Prepared Evangelical Church located in Ebhind Ibadan Grammar School, Odo-Oba, Ibadan, Oyo State.
In his speech, he mentioned the World Bank’s recent stance on Nigeria’s economic transformation, stressing that there are no shortcuts to achieving sustainable economic change.
According to the cleric, Nigeria must commit to 10 to 15 years of focused reforms to lay a solid foundation for a more prosperous and stable future, even though these difficult decisions would not yield immediate results.
However, this long-term outlook raises questions for many Nigerians, particularly regarding the government’s “Renewed Hope” agenda, a key promise made by the current administration. With over 90 percent of citizens facing growing hardship, the cleric’s statement provokes a sense of urgency in the minds of the public.
In a related viewpoint, former chairman of the Independent National Electoral Commission (INEC), Professor Attahiru Jega, has cautioned the Nigerian government against blindly accepting every recommendation offered by the World Bank and similar international bodies.
He suggested that not all advice is in Nigeria’s best interest. Some believe that Nigeria’s current economic woes are linked to over-taxation, particularly after the removal of the fuel subsidy. The government’s recent imposition of several taxes is viewed by some as harmful, as no economy has ever prospered through excessive taxation.
Ojo emphasized that the Nigerian government must take immediate and decisive action to address the pressing issues affecting the country’s economy and the daily lives of its citizens. He stressed that the government has a responsibility to create an enabling environment for farmers, ensuring that they can work effectively and produce food to feed the nation.
According to the cleric, the emphasis should be on enhancing domestic production, which is crucial for revitalizing Nigeria’s economy.
Apostle Ojo further pointed out the urgent need to tackle the rising insecurity in the country, which continues to hinder economic activities and the movement of people, particularly in rural areas where farming is a key source of livelihood.
He also called for a long-term solution to the persistent and unpredictable electricity supply problems, which have been a major hindrance to industrialization and economic growth.
He, however, urged the government to prioritize the revitalization of Nigeria’s four oil refineries, which would help bring down the cost of petrol and reduce the country’s dependence on imported refined oil products. With a more stable energy supply and reduced fuel prices, the cost of transportation and goods could significantly decrease, easing the economic burden on Nigerians.
Apostle Ojo concluded that if the government seriously considered and acted on these recommendations—creating a conducive environment for agriculture, tackling insecurity, addressing electricity challenges, and resuscitating the refineries—Nigeria would begin to experience the dividends of democracy. This, in turn, would lead to a reduction in hardship and improve the quality of life for ordinary Nigerians.
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