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.
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.
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.
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.
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