Tinubu promises unified forex regime, agricultural hubs in states

PRESIDENT Bola Ahmed Tinubu has promised a unified foreign exchange rate regime as he disclosed plans to have agricultural hubs cited across states in the federation.

Tinubu made the declaration on May 29, 2023, after his inauguration at Eagle Square in Abuja.

He implied he would make the Central Bank of Nigeria (CBN) work towards a unified exchange rate.

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The unified exchange rate, he said, would direct funds away from arbitrage into meaningful investments in plants, equipment and jobs that power the real economy.

On why he seeks reduced interest rates, the President explained, “It must be reduced to increase investment and consumer purchasing in ways that will sustain the economy at the highest level.”

Under Tinubu’s immediate predecessor, Muhammadu Buhari, the World Bank and several other multilateral lending agencies had warned the CBN of the negative implications of multiple exchange rates to the economy, and how the situation was dissuading investors.

The ICIR has continuously reported how high interest rates by commercial banks were reducing opportunities for businesses through rising cost of funds.

The CBN’s monetary policy rate (which determines the rate at which commercial banks lend to borrowers) is 18.5 per cent. The lenders hike the rate up to percentages as high as 30 in giving to borrowers after adding administration and other costs.

“High interest rate crowds out funds for the real sector and reduces opportunities for job creation, which is not good for the economy,” an economist and former director-general of the Lagos Chamber of Commerce and Industry, Muda Yusuf, told The ICIR.



    On his agricultural plan, the President assured that rural incomes shall be secured by commodity exchange boards guaranteeing minimal prices for certain groups and animal products.

    He also revealed that a nationwide programme for storage and other facilities to reduce spoilage and waste would be undertaken.

    “Agricultural hubs will be created throughout the nation to increase production and engage in value-added processing,

    He further said that the livestock sector would be introduced to best modern practices and steps taken to minimise the perennial conflicts over land and water resources.

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    Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

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