Exchange Rate, Energy Cost injuring Nigeria – Former Minister

Exchange Rate, Energy Cost ‘Harming’ Nigeria – Former Minister

A former Minister of Information, Prof. Jerry Gana, has identified two critical issues affecting Nigeria’s economic growth.

Fluctuating exchange rate and cut-throat energy cost, he said are injuring the country’s fragile economy, and affecting citizens.

Gana spoke at a press briefing on the 2024 edition of the African Leadership Initiative Conference themed, “A Value-Based Leadership Model for Africa”.

The conference, which will start on Monday, October 21, 2024 is organized by the African Biblical Leadership Initiative, ABLI. “This value-based leadership model promotes good governance, adherence to the rule of law, transparency in due process, accountability, and a strong stance against corruption.

“It also emphasizes excellence in service, facilitates productivity—which is the engine of national growth and development—and insists on delivering sustainable development to the people.

“A critical pillar of this value-based leadership model is the need for leaders to have strong character, particularly integrity. A leader with integrity is consistently good, truthful, and prepares to serve with honesty. Integrity requires consistency in good behavior and actions, trustworthiness, uprightness, and sincerity,” said the ex-Minister.

He explained that the conference will focus on The Value of Justice, The Value of Integrity, The Value of Wisdom and The Value of Social Harmony as sub-themes, calling on the federal government to address the energy crisis and naira devaluation problem.

“We need to focus on production and export, but that’s a long-term solution. In the short term, Nigeria is a large market, and we have resources that attract investors. The problem is that there are gatekeepers—people or institutions—that are making it difficult for investors to come in.

“These gatekeepers frustrate efforts to bring investment into the country, and that needs to change. Our financial institutions, for example, should be facilitating growth, but instead, they are creating obstacles. This has to stop. The banks and other institutions need to support economic growth, not hinder it.

“Another major issue is the high cost of energy and transportation. It’s not just a problem in Nigeria; even countries in Europe and North America are facing energy crises. But we need to find a way to bring down fuel and energy costs because they affect everything”.