Obaseki Explains Why Nigeria’s Foreign Reserve And Naira Value Will Continue To Decrease

Mr. Godwin Obaseki, the governor of Edo State, has highlighted why Nigeria’s foreign reserves are diminishing and the value of the naira would continue to decrease.

On Monday, he revealed this when he greeted the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, who was on a courtesy visit to the Government House in Benin City.

Nigeria would not be able to earn enough foreign exchange unless it reduces imports and improves output, according to the Governor, who cited insecurity and food shortages as two of the country’s main difficulties.

“Our country’s economy is struggling, and we all have a part to play. We wouldn’t be able to maintain our existing level of imports if we didn’t produce more for ourselves. It means that we won’t be able to bring in enough foreign currency to meet our needs. The exchange rate will begin to rise, commodity prices will continue to climb, and our people will become even more impoverished.

“We spent N1 trillion naira importing food in the first half of this year, and that is not sustainable,” he stated.

The Governor proposed enhanced collaboration between government at all levels and traditional institutions to address the problem of insecurity and other difficulties facing the country as a path out of the economic stalemate.

“As we encourage our people to farm and produce more foods to feed ourselves, the traditional institution has a role to play.

If we want to address the country’s security concerns, the government must collaborate closely with traditional authorities who are well-versed in the grassroots and know the people to address the country’s security issues. In Edo State, we are already doing so, and the effects are visible.

“We encourage our young people to know that agriculture is a viable business in the country,” he added.

While praising the Ooni for his dedication to the country’s unity and progress, Obaseki stressed that his government is fully dedicated to maintaining partnerships with traditional institutions in the state, stressing that Edo is the birthplace of culture and tradition.

“In Edo State, we embrace traditional institutions because they have a deep understanding of the challenges and problems in our communities.

“We don’t make fun of Edo State because it is the home of culture and tradition. We value our established institutions and will do all possible to defend, preserve, and promote them,” he said.

Earlier, the Ooni of Ife congratulated Obaseki on his victory in the September 19, 2020, gubernatorial election, praising his administration’s development efforts across the board.

Traditional rulers will continue to collaborate with constituted officials to bring the country ahead, and Oba Ogunwusi asked the Governor not to be sidetracked but to stay focused and double his efforts in making life better for Edo people, particularly the young.

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