ADVERTISEMENT

NGO urges Nigerians to rally behind Tinubu's economic recovery initiatives

Addressing the devaluation of the Naira, Shonekan proposed tapping into Nigeria's abundant natural resources to strengthen the currency.

President Bola Tinubu.

Bola Shonekan, Chairman/Chief Executive Officer of GBS-AAEDI, conveyed this message during an interview with the News Agency of Nigeria (NAN) in Lagos. He presented the signpost to Nigeria's economic development project initiated by the NGO.

Shonekan highlighted the importance of supporting President Tinubu, emphasising the need for innovative ideas to navigate the country through challenging economic times.

He expressed confidence in Tinubu's leadership and commended the appointment of a formidable economic team, including Olayemi Cardoso as the head of the Central Bank of Nigeria (CBN), Wale Edun as the Minister of Finance, and Taiwo Oyedele in charge of tax harmonisation.

ADVERTISEMENT

Acknowledging that President Tinubu is not a magician, Shonekan stressed the imperative of full support from Nigerians, particularly as the current economic situation demands patience.

He applauded the removal of subsidies as a crucial economic policy and called for a reevaluation of the country's borrowing policy to ensure sustainable development.

Shonekan underscored the need for a robust economic policy that moves away from the shackles of the Structural Adjustment Programme (SAP) and addresses issues such as continuous currency devaluation. He cautioned against excessive borrowing, advocating for a strategic approach to lending that considers the impact on the currency's value.

Drawing attention to the nation's economic history, Shonekan traced the economic challenges to the adoption of the International Monetary Fund-imposed Structural Adjustment Programme (SAP) in 1986. He called for a reevaluation of IMF conditions, urging the National Assembly to consider a possible reversal to the exchange rate values of the 1980s.

Addressing the devaluation of the Naira, Shonekan proposed tapping into Nigeria's abundant natural resources to strengthen the currency. He also suggested the adoption of a regional currency backed by cowrie, envisioning unity and tranquility in Africa under a common and stable currency.

ADVERTISEMENT

In his concluding remarks, Shonekan stated that the adoption of a single monetary policy across African countries could elevate the African Cowrie to a convertible global currency, fostering a new and stronger economic relationship with the United States.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Hoodlums hijack BUA truck in Zaria, loot cartons of spaghetti

Hoodlums hijack BUA truck in Zaria, loot cartons of spaghetti

Mother of late Chrisland pupil insists her daughter had no medical condition

Mother of late Chrisland pupil insists her daughter had no medical condition

Otti discussing with Chinese firm to launch light rail construction in Abia

Otti discussing with Chinese firm to launch light rail construction in Abia

Tinubu appoints 4 new Executive Directors to TCN

Tinubu appoints 4 new Executive Directors to TCN

Channel your energy towards resolving Nigeria's problems, NLC replies Tinubu

Channel your energy towards resolving Nigeria's problems, NLC replies Tinubu

FG restates commitment to training female students in STEM

FG restates commitment to training female students in STEM

Police arrest couple, ex-soldier, printer for printing fake currencies in Lagos

Police arrest couple, ex-soldier, printer for printing fake currencies in Lagos

Minimum Wage Committee invites labour unions, employers, others to public hearing

Minimum Wage Committee invites labour unions, employers, others to public hearing

Implementing Oronsaye report will add value to government policies - Uzodimma

Implementing Oronsaye report will add value to government policies - Uzodimma

Pulse Sports

Ex-Arsenal midfielder rushed to hospital following brain-related injury

Ex-Arsenal midfielder rushed to hospital following brain-related injury

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

Ancelotti plans for Kylian Mbappe revealed

Ancelotti plans for Kylian Mbappe revealed

No Osimhen? Give us Boniface — Chelsea desperate to tap into Super Eagles' striker pool

No Osimhen? Give us Boniface — Chelsea desperate to tap into Super Eagles' striker pool

ADVERTISEMENT
ADVERTISEMENT