Lawmaker Foresees Sustained Naira Strength, Advocates Local Production

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Mr. Soji Adetunji, a member of the House of Representatives representing Ifelodun/Boripe/Odo Otin Federal Constituency, expressed confidence in the continued appreciation of the naira against the dollar, provided current measures to stabilize the currency are upheld.

Speaking during a community event in Ikirun, Osun State, where he distributed N10 million to selected constituents, Adetunji highlighted the positive impact of recent reforms introduced by the Central Bank of Nigeria (CBN) on the naira’s performance.

The lawmaker acknowledged key initiatives such as the unification of exchange rate windows, liberalization of the foreign exchange (FX) market, clearance of FX backlog obligations for banks and airlines, and the overhaul of the Bureau de Change segment, among others, for contributing to the naira’s strengthening trend.

To further bolster the naira’s resilience, Adetunji called for increased domestic production and advocated for the restriction of certain imported goods. He emphasized the importance of Nigeria focusing on producing more to earn foreign exchange, rather than solely relying on imports.

Adetunji underscored the need for a shift towards prioritizing consumption of locally made products over foreign imports to stimulate economic growth and reduce dependence on foreign currency. He suggested that by promoting local goods consumption and boosting exports, Nigeria could achieve a surplus, leading to a drop in commodity prices and strengthening the national currency.

Regarding the distribution of funds to constituents, Adetunji explained that the initiative aimed to alleviate the economic hardships faced by community members amidst prevailing economic challenges. Through such empowerment programs, the lawmaker sought to provide tangible support to individuals impacted by economic downturns, emphasizing the importance of grassroots assistance in times of crisis.

Adetunji’s remarks reflect a broader call for sustainable economic policies geared towards enhancing local production, reducing reliance on imports, and fostering economic resilience to ensure long-term stability and growth in Nigeria’s economy.

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