APC chieftain to Nigerians: Reduce your appetite for foreign goods to boost naira

Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) in Osun state, has advised Nigerians to reduce the consumption of foreign goods to support naira.

Oyintiloye spoke on Sunday while addressing journalists in Osogbo, Osun state capital.

He said reducing appetite for foreign goods will fast-track the growth of the nation’s economy.

According to the chieftain, increasing local production and enhancing entrepreneurship will also contribute to the strengthening of the naira, which was under too much pressure.

“By importing, we are simply developing the economies of the countries we buy from through job creation, value chain maintenance, capacity for product development and other spin-off effects of production,” he said

“We have to feed our population and depend less on importation to fast-track development of our country.”

Also, Oyintiloye said Nigerians will soon reap the benefits of President Bola Tinubu’s tough economic policies.

He said the recent stability of the naira in the foreign exchange (FX) market shows that Tinubu’s policies are yielding results.

Meanwhile, Oyintiloye commended the Central Bank of Nigeria (CBN) for the payment of the $7 billion forex backlog, adding that the move will continue to stabilise the naira.

“With the steady appreciation of the naira in the last few weeks, we can begin to say the worst is over,” he said.

“In the next few months, we will continue to reap the benefits of the tough economic decisions that were made by the president.

“This will prove to us that the president meant well for all Nigerians in all his economic policies.

“The way the naira is fast appreciating against the dollar and other currencies is amazing, and I know we will soon be benefiting from it.”

Oyintiloye said the renewed hope agenda of the president will be fulfilled, and Nigerians will surely laugh last.

CBN, on March 20, said it has successfully settled all valid outstanding FX obligations.

On February 5, Olayemi Cardoso, CBN governor, had said he inherited a $7 billion FX backlog when he became the head of the apex bank in September 2023.