Nigeria needs urgent improvement in its monetary policies – NNPP chieftain

A New Nigeria People’s Party (NNPP) chieftain, Ambassador Olufemi Ajadi Oguntoyinbo, Tuesday, stated that Nigeria needs urgent improvement in its monetary policies.

Ambassador Ajadi in a statement advised the federal government to focus on shoring up productive sectors as well as reduce the dependence on extensive importation and address the root causes of the exchange rate crisis which requires a strategic and collaborative approach. 

The NNPP chieftain added that basic infrastructure provision and the introduction of incentives for real sector operators are among his recommended measures to alleviate production costs and elevate income values, on which naira’s stability is paramount.

“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,” he said.

Ambassador Ajadi added: “I am very sad that Nigeria’s currency can no longer compare favourably with Ghana’s Cedis and West Africa Coast CFAs. That is the reality we are in now. Anybody still calling Nigeria the giant of Africa is economical with the truth. One Ghanaian Cedi now exchange for almost N106. CFAs too has dumped naira behind.”

Identifying challenges in sourcing raw materials by industrialists and maintaining production schedules, as difficulties leading to the fluctuating exchange rate and insufficient infrastructure, he tasked economic planners in the country to develop sustainable policies to stabilise the naira rate and contain inflation.