Commendation for CBN’s Naira Stability Efforts Amidst Urgent Economic Reforms Call

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The endeavors of Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), to bolster the stability of the nation’s currency, the naira, have garnered praise from Rt Rev. Olubinmi Akinlade, the Diocesan Bishop of Ife.

In a statement released on Tuesday ahead of the 12th synod of the Diocese of Ife, Anglican Communion, scheduled to convene at the Cathedral Church of St. Philip, Ayetoro, Ile-Ife, Osun State, with the theme ‘Building Godly Investment for the 21st Century,’ Akinlade lauded the CBN’s proactive policies aimed at stabilizing the economy.

While acknowledging the commendable financial reengineering efforts by the CBN, Akinlade expressed concerns about the efficacy of policy implementation in Nigeria. He emphasized the crucial role of resolute action from the President and his administration in effecting meaningful change and restoring hope among Nigerians.

Akinlade highlighted the positive strides made by certain state governors, such as those in Lagos, Abia, Niger, and Borno, in implementing people-centric policies and initiating infrastructure projects to directly enhance the welfare of citizens. He urged for the replication of such initiatives on a national scale, stressing the importance of alleviating the hardships faced by the populace.

Expressing dismay over the country’s high poverty rate, Akinlade cited statistics indicating that approximately 38.9 percent of Nigerians lived below the poverty line in 2023, with an estimated 87 million individuals affected. He lamented the challenges faced by recent graduates in securing employment opportunities, further exacerbating the economic strain.

Akinlade underscored the necessity for diversifying Nigeria’s economy away from its heavy reliance on crude oil exports. He advocated for measures to transform the nation into a producing economy, thereby bolstering exports and fortifying the local currency.

Additionally, the bishop called for urgent government intervention in reviving the dormant power sector to enhance productivity and stimulate economic growth. He emphasized the imperative of addressing these structural challenges to foster sustainable development and improve the overall economic landscape of Nigeria.

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