CBN’s moves to stabilize naira laudable – Bishop Akinlade

  • April 25, 2024

The aggressive policies introduced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to stabilize the naira have been applauded by the Diocesan Bishop of Ife, Rt Rev. Olubinmi Akinlade.

Governor of the Central Bank of Nigeria, Olayemi Cardoso.

The Bishop made this known in a statement on Tuesday, ahead of the first session of the 12th synod of the Diocese of Ife, Anglican Communion.

The synod, scheduled to be held on Saturday and Sunday, at the Cathedral Church of St. Philip, Ayetoro, Ile-Ife, Osun State, is themed ‘Building godly investment for the 21st century’.

Akinlade said, “The financial reengineering by the CBN to stabilize the naira and put the economy on the path of recovery are all laudable. However, the problem in our country is not the lack of good policies but the implementation of them. The President and his cabinet must show the determination to implement change and renew the hope of Nigerians.

“It is heart-warming to see what some governors are doing in their states to change the narrative. Lagos, Abia, Niger, and Borno States, for example, have implemented people-friendly policies and introduced infrastructural projects that directly impact the people’s welfare. This can be replicated on a national level. All efforts should be geared towards relieving the suffering of the teeming population of Nigeria. We are almost at breaking point.”

The bishop also lamented the high poverty rate in the country, saying, “The poverty rate is estimated to have reached 38.9 percent in 2023, with about 87 million Nigerians living below the poverty line.

“Nigeria churns out about 3.5 million people into the labor force every year; sadly, many do not find jobs and almost 40 percent of recent graduates are jobless. The economy is too weak to absorb the much-needed workforce and it is not surprising that our GDP has flatlined for several years, barely growing beyond 4 percent,” he added.

The cleric urged the government to turn the country into a producing country to boost exports and strengthen the local currency, adding that Nigeria must move away from a mono-economy with crude oil as its economic mainstay.

He asked the government to urgently address the comatose power sector, to boost productivity and enhance economic activities.

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