Famous entrepreneur and philanthropist, Ambassador Olufemi Ajadi Oguntoyinbo has, called on the Federal Government to do something urgently on the sick position of the country exchange rate.
Ambassador Oguntoyinbo who was the gubernatorial candidate of the New Nigeria People’s Party (NNPP) in Ogun State at the last general election, said it is almost becoming a national embarrassment for the country’s currency to continue on a downward slide, leaving negative impacts on other sectors of the economy.
He said the poor value of the Naira relative to other currencies had further impoverished the citizens, especially given the interdependent nature of global economies.
He urged the Federal Government, as a matter of urgency to shore up productive sectors of the economy thereby reducing dependence on wholesome importation. He added that,” There is no doubt that things are becoming increasingly difficult in the country. prices have gone up so high making the naira almost worthless. The government should do something about this and reduce the suffering of Nigerians”.
Ambassador Oguntoyinbo said from an entrepreneurship perspective, sustaining production has become difficult and that manufacturers were passing the incidental expenses on the masses.
He reiterated his call for the provision of basic infrastructure, as well as the introduction of more incentives for real sector operators. According to him, these will reduce production costs and raise income values.
The business man said the fluctuating and unpredictable nature of the exchange rate posed a significant obstacle to effective planning and investment decisions within the industrial sector.
Ambassador Oguntoyinbo suggested that there was a need for economic planners to sit at a round table, and come up with sustainable policies to shore up the naira rate, and also contain inflation.
He called for a strategic and transparent approach to exchange rate management. He also emphasized the necessity for collaboration between the Federal Government, economic experts, and industrial leaders to formulate a comprehensive and stable exchange rate policy.
Such a policy, he argued , is crucial for attracting foreign investments, boosting local production, and revitalizing Nigeria’s industrial sector.