Nigeria’s Economy Secured: Shettima Praises CBN Governor, NSA Ribadu’s Intervention

Nigeria’s Economy Secured: Shettima Praises CBN Governor, NSA Ribadu’s Intervention

Vice President Kashim Shettima has praised the efforts of Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, and National Security Adviser (NSA), Nuhu Ribadu, for their actions in stabilizing the Foreign Exchange (FX) market. Speaking at the 2nd Chronicle Roundtable in Abuja on Thursday, Shettima emphasized that the interventions made by these government officials have yielded positive outcomes.

The decision to investigate and penalize those involved in illicit activities within the foreign exchange market was taken by the CBN and the Office of the National Security Adviser (ONSA) on February 24. This move was prompted by the persistent depreciation of the naira and its adverse effects on inflation and economic stability.

Addressing the audience, the vice president highlighted Nigeria’s long-standing battle with economic sabotage, which compelled the CBN Governor and the NSA to take decisive action against individuals attempting to undermine the country’s reforms. Shettima expressed satisfaction with the outcomes of Cardoso and Ribadu’s interventions, noting that the resilience of the Naira despite challenges is a source of inspiration.

He remarked, “Nigeria has endured economic sabotage for a significant period, leading to the proactive stance taken by the Central Bank Governor, Mr. Yemi Cardoso, and the National Security Adviser, Malam Nuhu Ribadu, to counter the influence of currency manipulators who sought to derail our reform efforts.

“Today, I am proud to say that their interventions have produced the desired results, and the resilience of the Naira against various pressures is a testament to this journey, which we don’t need to look elsewhere to appreciate.”

Shettima called on Nigerians to exhibit patience with President Bola Tinubu’s administration as it navigates through the economic challenges inherited upon assuming office. He emphasized the administration’s commitment to implementing various initiatives aimed at positively impacting sectors such as oil and gas, creative arts, steel and solid minerals, housing, blue economy, and digital sectors.

Acknowledging the need for collective sacrifice, Shettima assured that the sacrifices being made would pave the way for significant economic growth in Nigeria. He expressed optimism that positive changes would soon manifest across various economic indicators, including inflation, per capita income, GDP, poverty reduction, food security, and other aspects important to the populace.

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