- The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has declared full traditional backing for President Bola Ahmed Tinubu’s administration, asserting that his aggressive economic overhauls are yielding visible, long-term stabilization fruits.
- Highlighting unprecedented growth metrics, the paramount Yoruba monarch pointed to Nigeria’s soaring stock market capitalization approaching 140 trillion Naira and surging foreign reserves nearing 52 billion Dollars as definitive proof of policy efficacy.
- The revered traditional ruler lauded strategic milestones across local sectors, citing a domestic aviation fuel giant competing on global scales and the historic infrastructure pact between Ajaokuta Steel and NNPCL.
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has thrown his considerable institutional weight behind President Bola Ahmed Tinubu’s ongoing economic reforms.
Eko Hot Blog reports that the first-class traditional ruler declared that the administration’s policy directives have brought about highly positive structural shifts that the country has never experienced before in its post-colonial history.
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He specifically singled out the rapid growth within the national capital market, the continuous accumulation of foreign reserves, and the stabilization of the foreign exchange market as key early victories of the presidency’s economic agenda.
Oba Ogunwusi made these declarations in Abuja during the formal inauguration ceremony of the “President Bola Ahmed Tinubu Door-to-Door Movement.”
Addressing an audience of top political stakeholders, public administrators, and civil society representatives, the monarch maintained that the President assumed office with a comprehensive, well-structured blueprint for national recovery, adding that the tangible impacts of his decisions are actively reverberating across both public governance frameworks and private corporate sectors.
To substantiate his assessment of the administration’s financial trajectory, the Ooni pointed directly to concrete market data.
He highlighted that Nigeria’s equity ecosystem is rapidly breaking historic records, with total market capitalization fast approaching an unprecedented 140 trillion Naira benchmark.
Furthermore, the monarch revealed that the nation’s liquid foreign reserves are now climbing toward a robust 52 billion Dollars, a significant fiscal cushion that he noted could easily finance the country’s import demands for the next three years without creating structural strain.
The paramount ruler also maintained that the federal government’s decisive monetary actions have successfully injected sanity into the foreign exchange market.
By aggressively narrowing the gap between official and alternative currency windows, the policies have effectively eliminated the destructive avenues for currency arbitrage and predatory rent-seeking that previously crippled productive business initiatives.
With these loopholes closed, the Ooni noted that Nigeria is finally primed to transition from an import-dependent economy into a robust hub for genuine local production.
Expanding on the scope of the ongoing industrial recovery, Oba Ogunwusi drew attention to major developments within the domestic energy and aviation sectors.
He highlighted the extraordinary rise of an unnamed local refining company that has successfully sustained the aviation fuel requirements of the entire European market, achieving a production capacity that stands at par with major energy complexes in the United States.
He also celebrated the recent strategic gas supply agreement brokered between the Nigerian National Petroleum Company Limited (NNPCL) and the long-dormant Ajaokuta Steel Company, describing it as a masterstroke that will finally revitalize the nation’s primary industrial engine room.
Speaking authoritatively on behalf of the broader Nigerian traditional institution, the Ooni expressed immense pride and satisfaction in being associated with the current administration’s bold reformative path.
He concluded his speech by calling on the entire citizenry to discard selfish, short-term considerations, urging the public to unite behind the federal government’s broader vision for the long-term advancement and socioeconomic betterment of Nigeria.
