Inflation: Ajadi demands govt’s prompt action to revive economy

A business mogul and politician, Olufemi Ajadi Oguntoyinbo has called on the Federal Government to take prompt action to revive Nigeria’s economy.

Ajadi, who made the call on Saturday during the occasion of his birth anniversary sounded a note of warning on the consequences of Nigeria’s weakening currency, calling on the Federal Government to take decisive action to improve on it.

He lamented the present economic situation in Nigeria, stating that sadly Nigeria has lost its status as the giant of Africa.

Speaking on the current exchange rate of African countries, Ambassador Ajadi who is on an Africa tour stated that the exchange rate of Naira to Ghana Cedis and CFA currency of eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA; Union Économique et Monétaire Ouest Africaine) makes naira a shame and shambolic nature of Nigerian economy.

He said years ago, Nigeria was proudly touted as the giant of Africa saying, however, that Nigeria presently has lost that envious position as it can no longer be regarded as the giant of Africa but a miniature.

As a member of the Manufacturers Association of Nigeria and the gubernatorial candidate of the New Nigeria People’s Party (NNPP) in Ogun State in the last election, Ajadi decried the low attitude of government to improve the nation’s economy.

Ajadi, who brings a wealth of experience, also expressed deep concern over the negative impacts of the dwindling value of the Naira on various sectors of the economy.

Labelling the situation a potential national embarrassment, he has urged the Federal Government to swiftly address the issue to alleviate the hardships faced by the citizens.

The parlous state of the naira, according to Ambassador Ajadi, has led to a surge in prices of commodities, saying it is effectively eroding the purchasing power of the citizens.

He said: “As prices soar, the Nigerian people find themselves grappling with increased financial strain.

“From an entrepreneurial standpoint, sustaining production becomes a formidable challenge, prompting manufacturers to pass on additional costs to consumers.”

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