The Ooni of Ife, Oba Adeyeye Ogunwusi, has commended President Bola Tinubu’s administration, declaring that Nigeria is experiencing an unprecedented economic transformation under the President’s leadership.
Speaking on Friday at the inauguration of the President Bola Ahmed Tinubu Door-to-Door Movement, the revered monarch said President Tinubu assumed office with a clear vision and well-thought-out economic agenda, adding that the impact of the administration’s policies is already visible across key sectors of the economy.
According to the Ooni, the country’s current economic trajectory is unlike anything witnessed in Nigeria’s history.
“President Bola Tinubu came very prepared, and the result is obvious. From public governance to the private sector, what is happening in this country, we have never experienced it before,” he said.
Highlighting recent economic indicators, the monarch pointed to the remarkable growth of Nigeria’s capital market, noting that market capitalisation is approaching ₦140 trillion, a feat he described as unprecedented.
He also revealed that Nigeria’s foreign reserves are nearing $52 billion, saying the reserves are strong enough to comfortably finance imports for the next three years.
The traditional ruler further stated that the country’s foreign exchange market has become more stable, significantly reducing arbitrage opportunities and encouraging genuine productive investment.
“The projection is there clearly that the dollar is going to be well stabilised. The disparity is so close now—no more arbitrage, no more rent-seeking. We are ready for real production in our country,” he said.
Oba Ogunwusi praised the administration’s bold economic reforms, insisting that their positive impact is becoming increasingly evident.
“The turnaround in the economy of our country—the legacy of Mr President will definitely speak for him. A very bold decision he took, and we’re seeing the impact.”
The monarch also cited developments in Nigeria’s industrial and energy sectors as further evidence of progress. He noted that a Nigerian company is now playing a strategic role in supplying aviation fuel to Europe and has achieved a production capacity comparable to that of the United States.
He equally referenced the recent strategic agreement between the Ajaokuta Steel Company and the Nigerian National Petroleum Company Limited (NNPCL) on gas supply, describing it as a significant step toward reviving Nigeria’s industrial base.
“Our President is turning around the engine room of our economy. Look at what just happened with Ajaokuta Steel and NNPC—the strategic agreement in providing gas for an industry many believed could never work in our country. I can go on and on about the achievements of this government,” he added.
Speaking on behalf of traditional rulers, the Ooni expressed support for the Tinubu administration and urged Nigerians to appreciate the efforts of the President and his team.
“On behalf of all the traditional rulers of this country, we are very proud and very happy to be associated with this government.”
He concluded by calling on attendees to give President Tinubu and other political leaders present at the event a standing ovation for what he described as their commitment to Nigeria’s development.
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