AJADI DEMANDS URGENT POLICIES TO RESCUE NAIRA

Ambassador Olufemi Ajadi Oguntoyinbo, Chairman, Managing Director and Chief Executive Officer of Bullion Go-Neat Global Limited, has urged the Federal Government to immediately implement strong economic reforms to halt the continued depreciation of the Naira and restore Nigeria’s financial credibility on the international stage. In a Democracy Day statement released Thursday, June 12 Ajadi said the weakening Naira has become symbolic of Nigeria’s lost economic might and diminishing regional influence.
Speaking pointedly about the decline, Ajadi expressed dismay over the Naira’s poor exchange rates against currencies such as the Ghanaian Cedi and the CFA franc—used by eight West African nations within the West African Economic and Monetary Union (UEMOA). He said this contrast reveals how far Nigeria has slid from its former position as the “Giant of Africa,” calling it a “shambolic state of affairs” that undermines Nigeria’s legacy and leadership in the region.
Ajadi warned that the consistent decline in the Naira’s value is inflicting significant damage across sectors of the economy. He emphasized that the spiraling cost of goods and services is eroding citizens’ purchasing power, plunging many into deeper hardship. For businesses, he noted, the crisis is even more pronounced. “Entrepreneurs and manufacturers are caught in a cycle of rising production costs,” he said, “which are ultimately transferred to consumers, further worsening the inflationary spiral.”
The industrialist and political advocate did not stop at monetary policy, adding that poor infrastructure is exacerbating the crisis. He called on all tiers of government to prioritize national road networks and other critical infrastructure to ease the burden on citizens and businesses alike.
Ajadi singled out the Murtala Muhammed International Airport (MMIA) in Lagos as a glaring example of the government’s neglect. He described Terminal 1 of the airport as “unbearable,” citing poor ventilation, non-functional air conditioning systems, and general discomfort endured by both domestic and international travelers. He demanded that the Ministry of Aviation urgently revamp the terminal and restore dignity to the country’s foremost international gateway.
The business mogul’s Democracy Day message ultimately served as both a critique and a plea, urging government actors to embrace their responsibility to the Nigerian people. “The status quo is not sustainable,” Ajadi warned, “and without urgent intervention, the dreams of ordinary Nigerians will continue to be choked by inflation, decay, and economic mismanagement.