Diocesan Bishop Extols ‘Cbn’s Plan To Stabilize Naira.

Diocesan Bishop of Ife, Right Reverend Olubinmi Akinlade has extolled the aggressive policies introduced by the Governor of the Central Bank of Nigeria, Olayemi Cardoso to stabilize the naira.

The cleric who disclosed this in a statement ahead of the first session of the 12th synod of the Diocese of Ife, Anglican Communion at the Cathedral Church of St. Philip, Ayetoro, Ile-Ife, Osun State, on the themed ‘Building godly investment for the 21st century said, the financial reengineering by the CBN to stabilize the naira and put the economy on the path of recovery are all creditable.

He said, the problem in Nigeria is not the lack of good policies but the will to effect implementation, adding that, the President and his cabinet must show the determination to implement change and renew the hope of Nigerians.

The bishop also decried the high poverty rate in the country, estimated to have reached 38.9 per cent in 2023, with about 87 million Nigerians living below the poverty line.

The cleric urged the government to turn the country into a producing country to boost exports and strengthen the local currency, adding that Nigeria must move away from a mono-economy with crude oil as its economic mainstay, and asked the government to urgently address the comatose power sector, to boost productivity and enhance economic activities.