Ogra lauds Tinubu on economic reforms
By Felicia Nwosu
O’tega Ogra, the Senior Special Adviser to Nigeria’s President Bola Ahmed Tinubu on Digital Media, has commended the actions of the president towards diverse measures introduced to improve liquidity. The move is to enable businesses have easy access to foreign exchange and thrive.
Ogra’s commendation was in response to a story by Bloomberg, which revealed that Nigerian companies are paying overdue dollar obligations after the recent CBN’s reforms led to increased liquidity in the country’s foreign exchange market.
The Strategic Communications Executive said this on his LinkedIn in a write-up titled: “The Aso Villa Report”. He noted that the increased dollar liquidity is ameliorating the hiccups associated with dollar accessibility for business leaders. The seasoned marketing expert affirmed that the adopted measures are currently providing respite for companies to off-set debts and also mitigate the effect of the devaluation.
“In recent months, Nigeria has been turning the tide with improvements in the forex situation enabling businesses to access dollars to meet their financial obligations,” he said.
He applauded the president for the positive turn-around currently enjoyed by leading companies, which is a reversal of a situation where the scarcity of greenbacks left them unable to repatriate profits or pay foreign suppliers recently. The SSA on Digital Media acknowledged the immense impact of the diverse economic reforms across several leading companies
“President Bola Tinubu has continued implementing economic reforms that have no doubt made a positive impact on the country’s economy and improved the economy’s appeal to investors. As a result, companies like MTN Nigeria, BUA Group Foods and Cadbury Nigeria PLC. are now able to officially access the dollars they need to conduct their businesses.
“This has led to increased foreign exchange liquidity, which has helped MTN Nigeria reduce its outstanding debt by 41.6%. BUA Foods and Cadbury are also reporting progress in accessing the dollars they need for continued growth with Cadbury reporting that they have been able to access all their FX needs from the official market since January 2024,” he said.
“Experts believe that this improvement will encourage further economic growth and attract more investments to Nigeria. President Tinubu’s focus on economic reforms is creating a conducive environment for businesses to thrive, thus paving the way for a more prosperous future for Nigeria,” Ogra added.
Recall that at the beginning of this year, the CBN through the forward-thinking initiative of the president introduced measures to improve liquidity, including raising its benchmark rate 600 basis points to attract capital inflows and dumping the currency’s peg to allow the market to determine the naira exchange rate.
RECOMMENDED ARTICLES
Comment
No comments found.