Abia State Governor, Alex Otti, expressed optimism about Nigeria’s economic recovery, acknowledging progress in recent initiatives. Otti, a banker, lauded the Central Bank of Nigeria (CBN) for its recent policies, considering them positive steps. However, he emphasized the need for continuous engagement with experts and stakeholders for policy review.Thank you for reading this post, don’t forget to subscribe!
During a televised interview, Otti absolved President Bola Ahmed Tinubu’s administration of blame for the economic challenges, asserting that the government was on the path to recovery. He highlighted the importance of periodically reviewing economic policies, acknowledging the dynamic nature of economic conditions.
Regarding the nation’s economic challenges, Otti cited financial discipline as a major concern. He pointed out the imbalance between the money in circulation, approximately N30 trillion, and the quantity of goods, contributing to issues like inflation and unemployment. Otti stressed the importance of moving from a consumption-based economy to one focused on production for sustained recovery.
On the forex challenge, Otti explained the market dynamics of demand and supply, attributing the exchange rate fluctuations to the imbalance between demand and supply. He emphasized the need to explore ways to increase the supply of foreign currency and reduce demand.
To achieve economic recovery, Otti advocated a shift from consumption to production, ensuring that the nation consumes what it produces. He highlighted the pressure on the foreign exchange market caused by excessive imports and urged a focus on local production.
Otti also addressed the claim that governors now receive more money, disputing it by highlighting the impact of inflation on the value of the naira. Despite an increase in monthly allocations, Otti emphasized that the depreciation of the naira’s value diminishes its purchasing power, leading to a loss in real value
