Tinubu’s Economic Reforms Unprecedented in Nigeria’s History — Ooni

The Ooni of Ife, Oba Adeyeye Ogunwusi, has commended President Bola Tinubu’s administration, describing the ongoing economic reforms as unprecedented in Nigeria’s history.

The monarch made the remarks on Friday during the inauguration of the President Bola Ahmed Tinubu Door-to-Door Movement, where he said the President assumed office with a clear economic vision whose impact was already evident across the public and private sectors.

According to the Ooni, the administration has introduced bold reforms that have repositioned the Nigerian economy and inspired renewed confidence among investors.

“President Bola Tinubu came very prepared, and the result is obvious. From the public governance and the private sector, what is happening in this country, we have never experienced it before,” he said.

The traditional ruler pointed to the performance of the Nigerian capital market, noting that market capitalisation had climbed to more than ₦140 trillion, which he described as a historic achievement.

He also said Nigeria’s foreign reserves had risen to about $52 billion, arguing that the development had strengthened the country’s economic resilience and import capacity.

According to him, the foreign exchange market has become more stable, with the gap between official and parallel market rates narrowing significantly, thereby reducing opportunities for arbitrage and encouraging productive investment.

“The projection is there clearly that the dollar is going to be well stabilised. We are now ready for real production in our country,” the monarch said.

Oba Ogunwusi further highlighted developments in the energy and industrial sectors, including increased local production of aviation fuel and the recent agreement involving the Ajaokuta Steel Company and the Nigerian National Petroleum Company Limited.

He described the initiatives as evidence that the administration was addressing critical sectors capable of driving long-term economic growth.

“Our President is turning around the engine room of our economy. I can go on and on about things that this government has achieved,” he said.

Speaking on behalf of traditional rulers, the Ooni expressed support for the Tinubu administration, saying they were proud to identify with the government and optimistic about the direction of the country’s economic transformation.

He also urged Nigerians to support policies aimed at strengthening the economy and promoting national development.