Ooni Of Ife Commends Tinubu’s Economic Reforms As Nigeria-Kazakhstan Ties Strengthen.
The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, has praised President Bola Tinubu for his bold economic reforms, stating that the hardship caused by these policies is gradually easing and yielding positive results for Nigerians.
Speaking at the maiden edition of the Nigeria-Kazakhstan Business Council International Conference in Abuja, the monarch highlighted the significant economic progress made under Tinubu’s administration, including the closure of the arbitrage between the parallel and official exchange markets for the first time in two decades.
“We all know the challenges our dear country has faced. A plane at the highest altitude dropping can bring casualties, but we thank God Almighty that things are normalising gradually. These are the fruits of the great things we are witnessing as a nation,” the Ooni remarked.
He further stressed that Nigeria is becoming increasingly attractive to investors, with the capital market repositioned for better foreign investment inflows. The Ooni also noted that last year’s meeting between President Tinubu and his Kazakh counterpart paved the way for the growing bilateral relationship between the two nations.
Meanwhile, the Minister of Agriculture and Natural Resources, Abubakar Kyari, confirmed reports that food prices in Nigeria have dropped by 40 per cent. He attributed this development to increased supply following a positive harvest, as well as President Tinubu’s N200 billion intervention in the agricultural sector.
“As an economist, I understand that market prices are determined by supply and demand. Previously, we faced high demand and low supply, but the 2024 harvest has significantly increased food availability,” Kyari explained.
He also urged food processors to ensure that the price reduction benefits consumers, warning against hoarding and market manipulation. The government, he added, is actively monitoring the situation and working on a price stabilisation mechanism set to be rolled out within the next two weeks.
In his remarks, Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, praised the Ooni of Ife for hosting the delegation and expressed optimism about strengthening diplomatic and economic ties between Nigeria and Kazakhstan. He urged the Nigerian government to consider opening an embassy in Kazakhstan to facilitate trade and cooperation.
“Our goal is to promote food security across Central Asia and beyond. Kazakhstan led the establishment of the Organisation of Islamic Food Security, which now has over 40 member countries. Strengthening ties with Nigeria is essential, and we hope to fast-track diplomatic arrangements,” Kuantyrov stated.
With growing economic cooperation and a stabilising economy, the conference marked a significant step in fostering new trade opportunities between Nigeria and Kazakhstan while reinforcing confidence in the country’s economic outlook.
