Nigeria witnessing unprecedented economic progress under Tinubu – Ooni of Ife

The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has praised President Bola Ahmed Tinubu’s administration, describing its achievements across key sectors of the economy and governance as unprecedented in Nigeria’s history.

The revered monarch made the remarks on Thursday while speaking at the inauguration of the PBAT Door-to-Door Movement in Abuja.

According to the Ooni, President Tinubu assumed office with a clear vision and adequate preparation, a development he said is reflected in the administration’s performance across both the public and private sectors.

"President Bola Ahmed Tinubu came into office well prepared, and the results are evident. What is happening today in both public governance and the private sector has never been experienced in the history of our country," he said.

Oba Ogunwusi pointed to developments in the Nigerian capital market as one of the indicators of the administration’s economic progress.

"If you look at the Nigerian capital market today, market capitalisation is approaching N140 trillion. That is unprecedented in the history of Nigeria," he stated.

The monarch also credited the administration’s economic reforms with strengthening Nigeria’s position in the global economy, noting that the country is beginning to play a more strategic role internationally.

"Never in the history of our country has Nigeria played such a strategic role in the European economy," he added.

Speaking on the nation’s external reserves, the Ooni said Nigeria’s foreign reserves were approaching $52 billion, a development he said would boost economic stability and support import financing.

"Our foreign reserves are now nearing $52 billion. This is enough to finance imports for the next three years conveniently. The projections are positive, the naira is expected to become more stable, and there will be little to threaten our foreign exchange market.

"The gap has narrowed significantly. Arbitrage and rent-seeking are becoming things of the past, and Nigeria is now positioned for real production. Look at the progress recorded at Ajaokuta Steel and the Nigerian National Petroleum Company Limited (NNPC)," he said.

The Ooni further expressed confidence in President Tinubu’s leadership, stressing that traditional rulers across the country are proud to identify with the administration and its efforts to reposition Nigeria’s economy.