‘FG Must Sustain Moves to Stabilise Naira’ -Adeyemo, Pelican Valley Boss

26th April 2024

The Federal Government through the Central Bank of Nigeria has been urged to sustain recent moves and policies being rolled out to stabilise the naira.

The Chief Executive Officer of Pelican Valley Nigeria Limited, Babatunde Adeyemo, who dropped the hint in a statement on Thursday, urged the federal government to clamp down on those sabotaging the economy in order to sustain its economic reforms and revamp the naira.

According to him, President Bola Tinubu’s efforts at curbing the forex volatility was working as the naira had been firming up against the dollar.

Adeyemo said that if the country could sustain the exchange at N1000/dollar or less, Nigerians would have a great deal of relief.

The property merchant made the call while speaking after being honoured by a Yoruba online medium, Boseri.

Adeyemo said “it will certainly take a little while for the economy to recover from the forex policy shock and oil subsidy removal, but if it keeps fluctuating, up and down, it won’t augur well for the economy.

“This is why President Tinubu must not lose track of his determination to bring our economy back to life. Whatever is being done to revamp the Naira must be sustained.

“Those sabotaging the economy should also not be spared either and I want to believe that in a matter of weeks the forex will further crashed and that is a relief for our country’s economy”.

The Pelican Valley Estate boss urged Nigerians to be patient and not expect overnight drop in prices of most items in the market, due to the gradual fall in forex, saying that this would, however, happen overtime.

He has, however, revealed that given the nation’s challenging economy amid the rising inflation, access to affordable housing would continue to be a challenge to low income earners, warning that the situation might worsen the country’s housing deficit.

Adeyemo suggested a number of measures the government could adopt to address this challenge

He said the government should tackle bad economy while also identifying credible real estate entrepreneurs and support them with land and single digit interest credit facilities to build low cost housing for the low income earners.

According to him, it would take about 20 or 30 years of meticulous planning and execution for the nation’s housing shortfall to be addressed

On the title bestowed on him, Adeyemo commended the newspaper and the management team for finding him worthy of the honour, assuring that he would continue to sustain the goodwill, integrity, character and trust both in personal life and real estate business that earned him the honour.

Earlier, the Publisher of Boseri, Johnson Akinpelu and professional colleagues; Kunle Idowu, and Johnson Onifade in their separate remarks, said Adeyemo’s integrity, character, philanthropy and support for widows and the downtrodden, earned him the respected title.