Tinubu’s reforms have placed Nigeria on path for economic growth – Olawepo-Hashim

Mr Gbenga Olawepo-Hashim, a former All Progressives Congress presidential aspirant, has said President Bola Ahmed Tinubu’s current financial and economic reforms have set Nigeria on the path of huge economic growth.

Tinubu had announced two major economic reforms – ending the petrol subsidies and unifying the naira’s multiple exchange rates.

Addressing journalists in Abuja on Monday, Olawepo-Hashim noted that the current policy reforms had eliminated distortions in the foreign exchange management on the one hand; and removed the corrupt system of oil subsidies on the other hand.

Nigeria had four foreign exchange (FX) markets: the Interbank FX market, the Investors and Exporters (I&E) window, Bureau De Change (BDC) window, and the Small and Medium Enterprises (SME) window.

Olawepo-Hashim added that the policy to unify the exchange windows would have a long-term positive effect on the foreign exchange rate and free flow of capital in the country while also yielding a positive impact due to increased confidence in the new government.

While stressing the importance of a naira exchange rate based on market indicators and informed projections to settle around N660 to $1 in the exchange market within the next 6 to 9 months, he urged the government to pay attention to immediate deployment of relevant social intervention programmes to cushion the effect of inflation on the poor.

He also emphasized that “our economic growth expectations must be inclusive and must not leave the majority of our people behind. It is a great season of hope and confidence for Nigeria. The nation is steadily on to an assured future as an economic power house and great nation.”

He argued that “Nigeria with the right policy mix will exceed the projection of Price Water Cooper that Nigeria will be the 9th largest economy in the world by 2050.”

“We are capable of hitting the great economic milestone predicted by PWC much earlier and climbing higher on the ladder,” he added.

Olawepo-Hashim stressed that the new law on decentralization of electricity generation, transmission and distribution, if properly implemented with concomitant policies, can attract about $300 billion over five to seven years into the sector from local and foreign financing sources.