Paragraph 1: Royal Endorsement and Economic Recovery
The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, lauded President Bola Tinubu’s economic reforms, emphasizing their positive impact on Nigeria’s economic landscape. Speaking at the inaugural Nigeria-Kazakhstan Business Council International Conference in Abuja, the monarch acknowledged the initial hardships caused by the reforms but celebrated the gradual emergence of relief and stability. Notably, he highlighted the closure of the arbitrage gap between the parallel and official foreign exchange markets, a phenomenon unseen for two decades, signaling growing investor confidence in the Nigerian economy. This positive development, according to the Ooni, signifies a step towards a more investor-friendly environment and a revitalized capital market primed for increased foreign investment.
Paragraph 2: Bilateral Relations and Agricultural Progress
The conference, a product of a meeting between President Tinubu and his Kazakh counterpart in the preceding year, marked a significant milestone in the burgeoning bilateral relationship between the two nations. The Ooni underscored the importance of this partnership, particularly for the Nigerian private sector and traditional institutions. Concurrently, Agriculture and Natural Resources Minister Abubakar Kyari confirmed a substantial 40% decrease in food prices across Nigeria. This welcome news was attributed to ongoing market surveys conducted by ministry officials diligently monitoring real-time foodstuff prices. The minister urged food processors to pass on these lowered costs to consumers, emphasizing the importance of translating market improvements into tangible benefits for the Nigerian populace.
Paragraph 3: Supply and Demand Dynamics and Government Intervention
Minister Kyari explained the price reduction as a consequence of increased supply exceeding demand, a classic market correction following a period of high demand and limited supply. He credited President Tinubu’s N200 billion intervention in the agricultural sector for bolstering production and renewing farmers’ confidence. The intervention, coupled with a successful harvest, tipped the scales towards greater supply, ultimately driving down prices. The government’s proactive measures, including price stabilization mechanisms set for implementation in the coming weeks, are intended to further reduce food costs without discouraging local production, fostering a sustainable agricultural ecosystem.
Paragraph 4: Combating Hoarding and Promoting Sustainable Agriculture
The increased supply has also discouraged hoarding, a practice that artificially inflates prices. With abundant produce available, those who had stockpiled goods at higher prices were compelled to release them into the market to avoid losses. The government’s multifaceted approach aims to balance price reduction with incentives for continued production, ensuring long-term food security. The minister highlighted the ongoing dry and wet season farming activities, anticipating year-round harvests of staple crops, which further contributes to price stability and food availability.
Paragraph 5: Kazakhstan’s Perspective and Diplomatic Overtures
The Deputy Minister of Foreign Affairs of Kazakhstan, Alibek Kuantyrov, expressed gratitude to the Ooni for hosting their delegation and emphasized the potential for strengthened ties between the two nations. Kuantyrov highlighted Kazakhstan’s advanced digital economy, noting that over 90% of the population conducts cashless transactions. He urged Nigeria to establish an embassy in Kazakhstan, a move that would streamline diplomatic processes and facilitate greater economic cooperation. This diplomatic overture reflects Kazakhstan’s commitment to fostering closer ties with Nigeria and promoting mutually beneficial partnerships.
Paragraph 6: Regional Food Security and International Cooperation
Kuantyrov further elaborated on Kazakhstan’s leading role in regional food security initiatives, highlighting the establishment of the Organisation of Islamic Food Security, which boasts over 40 member countries. This commitment to regional food security aligns with the shared goals of both nations in ensuring food availability and affordability. The absence of a Nigerian embassy in Kazakhstan was identified as a hurdle to smoother diplomatic relations and economic collaboration, and the Kazakh delegation expressed hope for its prompt establishment. This move would not only strengthen bilateral ties but also act as a catalyst for increased trade and investment between the two countries, fostering a mutually beneficial partnership in the pursuit of sustainable development and economic prosperity.
