Mr Gbenga Olawepo-Hashim, a former All Progressives Congress
presidential aspirant, has said President Bola Ahmed Tinubu’s current financial
and economic reforms have set Nigeria on the path of huge economic growth.
Tinubu had announced two major economic reforms – ending the
petrol subsidies and unifying the naira’s multiple exchange rates.
Addressing journalists in Abuja on Monday, Olawepo-Hashim
noted that the current policy reforms had eliminated distortions in the foreign
exchange management on the one hand; and removed the corrupt system of oil
subsidies on the other hand.
Nigeria had four foreign exchange (FX) markets: the
Interbank FX market, the Investors and Exporters (I&E) window, Bureau De
Change (BDC) window, and the Small and Medium Enterprises (SME) window.
Olawepo-Hashim added that the policy to unify the exchange
windows would have a long-term positive effect on the foreign exchange rate and
free flow of capital in the country while also yielding a positive impact due
to increased confidence in the new government.
While stressing the importance of a naira exchange rate
based on market indicators and informed projections to settle around N660 to $1
in the exchange market within the next 6 to 9 months, he urged the government
to pay attention to immediate deployment of relevant social intervention
programmes to cushion the effect of inflation on the poor.
He also emphasized that “our economic growth expectations
must be inclusive and must not leave the majority of our people behind. It is a
great season of hope and confidence for Nigeria. The nation is steadily on to
an assured future as an economic power house and great nation.”
He argued that “Nigeria with the right policy mix will
exceed the projection of Price Water Cooper that Nigeria will be the 9th
largest economy in the world by 2050.”
“We are capable of hitting the great economic milestone
predicted by PWC much earlier and climbing higher on the ladder,” he added.
Olawepo-Hashim stressed that the new law on decentralization
of electricity generation, transmission and distribution, if properly
implemented with concomitant policies, can attract about $300 billion over five
to seven years into the sector from local and foreign financing sources.
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