The Diocesan Bishop of Ife, Rt. Rev. Olubinmi Akinlade, commended the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, for his aggressive policies aimed at stabilizing the naira.
In a statement issued ahead of the 12th synod of the Diocese of Ife, Anglican Communion, Bishop Akinlade acknowledged the CBN’s “financial reengineering” efforts but stressed the importance of implementation.
“While these policies are laudable, our challenge remains effective execution,” he said. “The President and his cabinet must demonstrate a strong will to implement change and reignite hope among Nigerians.”
The Bishop highlighted successful initiatives at the state level, citing Lagos, Abia, Niger, and Borno as examples of people-oriented policies and infrastructure projects that directly benefit citizens. He urged national replication of such efforts to alleviate the suffering of Nigerians.
“The poverty rate is alarming,” Bishop Akinlade said, “reaching an estimated 38.9% in 2023, with nearly 87 million Nigerians living below the poverty line.”
He pointed to Nigeria’s weak job market, annually absorbing only a fraction of the 3.5 million workforce entrants. “This,” he added, “coupled with a near-stagnant GDP hovering around 4%, is a cause for concern.”
The Bishop advocated for economic diversification, urging the government to transform Nigeria into a production-based nation to bolster exports and strengthen the naira. He emphasized the need to move away from a reliance on crude oil as the sole economic driver.
Bishop Akinlade concluded by emphasizing the urgency of addressing the country’s “comatose” power sector, highlighting its critical role in boosting productivity and economic activity.
