Vice-President Kashim Shettima says the interventions of the Central Bank of Nigeria (CBN) and the National Security Adviser (NSA) in the foreign exchange (FX) market have “translated into desired results”.
Shettima spoke on Thursday during the 2nd chronicle
roundtable in Abuja.
The event was organised by 21st Century Media Services,
publishers of the 21st Century Chronicles, as part of its public service
enlightenment series.
On February 24, the CBN and the office of the national
security adviser (ONSA) sealed a partnership to investigate and penalise those
involved in illicit activities within the foreign exchange (FX) market.
The decision was against the backdrop of the unending
depreciation of the naira and its accompanying negative impact on inflation and
economic instability.
Speaking at the event, the vice-president said Nigeria has
been facing economic sabotage for long, prompting Yemi Cardoso, CBN’s governor,
and Nuhu Ribadu, the national security adviser, to take action against those
plotting to frustrate the country’s reforms.
This action, he said, has led to the desired outcomes.
“For long, Nigeria
had endured economic sabotage, leading to the resolve by Governor of the
central bank, Mr. Yemi Cardoso, and the National Security Adviser, Malam Nuhu
Ribadu, to take matters into their hands to neutralise the overpowering
influence of currency manipulators who had conspired to frustrate our reforms,”
Shettima said.
“Today, I stand proud to say that their interventions have
translated into desired results, and Naira’s pushback against all odds is an
inspiring journey that doesn’t have to be learned in Buenos Aires, as some
would want us to do.”
‘NIGERIA’S ECONOMY
WILL EXPERIENCE SIGNIFICANT GROWTH SOON’
Shettima urged Nigerians to be patient with the
administration of President Bola Tinubu “as he steers the ship of state through
the economic turbulence and storm he met on ground on assumption of office”.
According to Shettima, the administration is eager for a
positive impact on the economy from various new initiatives in sectors such as
oil and gas, creative arts, steel and solid minerals, housing, blue economy,
and digital sectors.
“There is no doubt that there’s a time to plant and a time
to reap,” the vice-president said.
“In between those times, we appeal for patience and seek
collective sacrifice from all, especially from us. We wish there were a way to
treat this ailment without surgery.
“Soon, Nigeria’s economy will experience significant growth
once we’ve overcome these sacrifices.
“Positive changes will soon be evident across all economic
indicators – inflation, per capita income, GDP numbers, poverty reduction, food
security, and all aspects close to the hearts of our people.”
In his opening remarks, Shamsudeen Usman, chairman of the
Ministry of Finance Incorporated (MOFI), commended the content of the renewed
hope agenda of the incumbent government, describing it as one of the most
detailed and carefully crafted policy documents in the history of the country.
The former finance minister stressed the need for the
document to be reviewed and integrated into the medium and long-term
development framework of the country.
He noted that policy consistency, with a long-term vision to
transform critical sectors of the economy, is the way to go.
Usman also commended the administration’s establishment of a
central coordination delivery unit to track the performance of programmes,
policies and key interventions of the government.
According to the MOFI boss, monitoring key performance
indicators in the policy document is critical to the success of the government.
On his part, Mahmud Jega, CEO of 2nd Chronicle Newspaper,
said the need to critically analyse government policies and programmes is not
just an expectation from the media but indeed borne out of the necessity to
collectively contribute to shaping the nation’s development trajectory.
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