Tinubu's Reforms Propel Nigeria towards Economic Growth, Affirms Olawepo-Hashim
In a recent statement, Gbenga Olawepo-Hashim, a former presidential aspirant of the All Progressives Congress, praised President Bola Ahmed Tinubu's financial and economic reforms, asserting that they have laid a solid foundation for significant economic growth in Nigeria.
Tinubu's reforms encompassed crucial measures such as the removal of petrol subsidies and the unification of Nigeria's multiple exchange rates. Speaking at a press briefing in Abuja, Olawepo-Hashim commended these policy changes for effectively addressing distortions in foreign exchange management and eliminating the corrupt system of oil subsidies.
Previously, Nigeria operated four distinct foreign exchange markets: the Interbank FX market, the Investors and Exporters (I&E) window, the Bureau De Change (BDC) window, and the Small and Medium Enterprises (SME) window. Olawepo-Hashim highlighted the positive long-term effects of unifying these exchange windows, emphasizing that it would bolster the foreign exchange rate and facilitate smoother capital flow within the country. He expressed confidence that these reforms would foster increased confidence in the new government.
Olawepo-Hashim emphasized the importance of a naira exchange rate determined by market indicators, envisioning stabilization around N660 to $1 within the next 6 to 9 months. He urged the government to promptly implement social intervention programs to mitigate the impact of inflation on vulnerable segments of society. Furthermore, Olawepo-Hashim stressed the significance of inclusive economic growth, noting that Nigeria possesses the potential to surpass Price Water Cooper's projection of becoming the world's 9th largest economy by 2050.
Highlighting the new law on the decentralization of electricity generation, transmission, and distribution, Olawepo-Hashim underscored the immense potential for this reform to attract substantial investments of approximately $300 billion over five to seven years. This infusion of funds from local and foreign financing sources would revolutionize Nigeria's energy sector and contribute significantly to overall economic development.
In conclusion, Olawepo-Hashim exuded optimism, characterizing the current state of Nigeria as a season of hope and confidence. He firmly believed that with the right policy framework, Nigeria could achieve remarkable economic milestones well ahead of schedule, emerging as a formidable global economic powerhouse.
