As Nigerians are gearing up for the forthcoming general elections, Oduwacoin founder, Bright Enabuele, Philip Costa of the Incorporated Trustees of Advocates of Solar Panels Association (ITASPA), and other experts have set economic agenda for whoever wins the presidential poll.
In what appeared to be a three-horse race, Peter Obi of Labour Party, Atiku Abubakar of the Peoples Democratic Party (PDP), and Bola Tinubu of the All Progressives Congress (APC), would be hoping to pull the highest number of votes on Saturday, February 25, 2023, to succeed President Muhammadu Buhari.
Setting an economic agenda for who will triumph in the poll, Enabuele, a renowned cryptocurrency evangelist, expressed an opinion that the next President must prioritise the private sector.
“From giving control, ownership, and access to the people, to developing the private sector, should be the priority of any serious government, especially as it relates to improving the economy. This is because capitalism is built on the private sector, and people at large.
“Aside from these, the government should also review the country’s trade policy, and regulatory frameworks of different sectors of the economy, because it is the driving force of generating revenue and growth. The established blueprints are what controls the performances of economic indices, and different establishments, including cryptocurrency,” the Oduwacoin founder stated.
Speaking further, Enabuele encouraged African governments, including Nigeria’s leadership, to give room for cryptocurrencies like Bitcoin, and Oduwacoin to have control because it attracts, and encourages foreign investors.
“For us in blockchain, there’s no competition, but solutions. Our local currencies in Africa are not working, because it doesn’t give us that power when it comes to global trade, and payment settlements. So, governments should focus on adopting cryptocurrency, such as Oduwacoin to allow global trade. Just imagine there’s no system that settles payments between neighbouring countries.
“However, with cryptocurrencies like Oduwacoin, cross-border transactions, and trade will be boosted, which is good for the economy. Just imagine, we can’t even spend our naira in Ghana, likewise Cedis in Cameroon. But the narrative will change with digital assets, like Oduwacoin-enabled e-wallet (Oduwa Pay). Its application is already conventional with the 54 local sovereign currencies in Africa. It will interest you to know that Brazil, Salvador, and others are already welcoming cryptocurrencies like Bitcoin as their legal tender,” he added.
When asked about the advantage of adopting Oduwacoin, ahead of its peers, the Chief Executive Officer (CEO) of Oduwa Blockchain Solution, a United States (US) based corporation, explained that it is faster than Bitcoin and more eco-friendly. “There’s no amount of excessive waste for energy needed to mint Oduwacoin into circulation, and it has no transaction fee,” Enabuele maintained.
BizWatch Nigeria understands that Oduwacoin is an MIT-licensed Open-source software that allows peer-to-peer transactions with no human interference, counterfeiting, and double-spending.
On his part, Costa, who spoke from his New York residence in the United States (US), advised the future government to consider putting its focus on alternative energy sources, particularly solar.
Lamenting how businesses are suffering due to erratic power supply, and fuel scarcity, the ITASPA chief noted that it is affecting most sectors of the economy.
“This year, a significant number of businesses had been left with no choice than to suspend their operations, and those that are still running, are doing so, recording losses in Nigeria. The existing erratic power supply in Nigeria, and the fuel scarcity, have so far made the country’s business hostile to investors and economic contributors. Sadly, the end users bear the brunt as well.
“This year alone, diesel prices increased by 210%, the cost of kerosene soared by no less than 118%, and the price of gas by at least 86%. Sadly, the prices of these commodities continued to rise, and I’m afraid of what it would become a year from now,” Costa lamented.
Maintaining that solar has scientifically and economically proven to be a reliable and sustainable alternative energy source, Costa, a former researcher of the United States Department of Agriculture (USDA) expressed an opinion that it is the best for the Nigerian government to leverage in combating its power challenges.
According to Costa, who cited a report by the International Renewable Energy Agency (IRENA) that solar projects and other alternative energy sources saved countries $82 billion in fossil fuel costs, they will continue to provide badly-needed relief from rising electricity bills, such that businesses will thrive and the nation’s economy will flourish.
“Talking about the benefits of solar energy, the impacts it has on the environment are enormous. Aside from the fact that it reduces energy bills, which is good for corporate bodies and small and medium enterprises (SMEs), it also provides grid security, enables job creation, independence from other energy sources, and the enablement of maximum usage,” Costa added.
A manufacturer, who spoke on a condition of anonymity, stated that the next President should look into the foreign exchange (fx) issues Nigeria is battling under Buhari.
“We have a body that airs our grievances, so I’m not authorised to talk on topics like this. Just as I’m concerned about the state of fx in Nigeria, the next President should be concerned as well. Coming up with a lasting and sustainable solution to the issues on the ground in the financial sector is very sacrosanct.
“Many people have shut down their businesses due to lack of access to fx, and our consumers are also feeling the hardship we deal with every day,” she stressed.
