- Ooni of Ife praised President Tinubu’s economic policies and leadership
- The monarch highlighted growth in the capital market and foreign reserves
- He said ongoing reforms were transforming Nigeria’s economy and industries
The Ooni of Ife, Oba Adeyeye Ogunwusi, has expressed support for President Bola Tinubu’s administration, stating that the country is undergoing major economic changes under the current government.
Eko Hot Blog gathered that the traditional ruler said Tinubu came into office with a clear plan and that the effects of his policies could be seen in various sectors, including governance, business and industry.
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Speaking at the inauguration of the President Bola Ahmed Tinubu Door-to-Door Movement on Friday, the Ooni described the ongoing economic developments as unlike anything Nigeria had witnessed before.
According to him, recent growth in the capital market and improvements in foreign reserves showed signs of progress under the administration.
“President Bola Tinubu came very prepared, and the result is obvious. From public governance to the private sector, what is happening in this country, we have never experienced it before,” he said.
The monarch noted that Nigeria’s capital market had reached a historic level, with market capitalisation exceeding ₦140 trillion, while foreign reserves had risen to about $52 billion.
He added that increased stability in the foreign exchange market had reduced currency-related speculation and created a better environment for productive economic activities.
“The projection is clear that the dollar will become more stable and there will be no room for arbitrage or rent-seeking. We are now ready for real production in our country,” he said.
Oba Ogunwusi praised the administration’s reforms, describing them as difficult but necessary decisions whose impact would continue to shape Nigeria’s economic future.
“The turnaround in our economy and the legacy of Mr President will speak for him. The bold decisions taken are already producing results,” he said.
The monarch also highlighted developments in the energy and industrial sectors, noting Nigeria’s growing role in global markets.
He cited the capacity of a Nigerian company producing aviation fuel as a major achievement, saying it now competes with leading global producers.
The Ooni also mentioned the renewed focus on Ajaokuta Steel Company through an agreement involving the Nigerian National Petroleum Company Limited, describing it as a step towards reviving a key industrial asset.
“Our President is rebuilding the foundation of our economy. The agreement involving Ajaokuta Steel and NNPC on gas supply is a strategic move for an industry many believed could not succeed in Nigeria,” he said.
Representing traditional rulers, Oba Ogunwusi declared their support for the Tinubu administration and expressed confidence in the government’s direction.
He urged Nigerians at the event to recognise efforts aimed at improving the country and encouraged them to show appreciation for the President and other leaders present.
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