Renowned economist Akpan Ekpo has advised President Bola Tinubu to address Nigeria’s pressing security issues as a crucial step in attracting investors and fostering economic growth.....KINDLY READ THE FULL STORY HERE▶

Ekpo underscores that insecurity represents just one of the many challenges currently confronting Nigeria’s economy….CONTINUE READING

Ekpo emphasized, “Without peace and security, all other economic endeavors are unlikely to yield positive outcomes. For instance, the Minister of Finance has expressed the government’s desire to attract Foreign Direct Investment, but this goal cannot be achieved in the midst of prevailing insecurity within the country. Going forward, addressing the security issue should be the top priority, and other positive developments may follow.”

Furthermore, Ekpo pointed out that the removal of oil subsidies has posed a significant challenge to the Nigerian economy, given its heavy reliance on oil.

He urged Tinubu to explore solutions to this issue, citing that structural inflation has led to price increases of over 400 percent across the board.

Ekpo also highlighted the challenges posed by the simultaneous collapse of the exchange rates in the investors and exporters window and the black market.

He described this as a timing error, particularly given Nigeria’s non-convertible currency and consumption-based economy.

Ekpo emphasized the need for a managed float in the foreign exchange market when transitioning to a capitalist economy to mitigate the impact of speculators and arbitrage, as foreign currencies like the dollar and euro are not native to Nigeria. Managing this transition, he argues, is crucial for the country’s economic stability.