Ambode proffers solution to Nigeria’s forex woes

Governor Akinwunmi Ambode of Lagos State has urged Nigerians to look inward, embrace massive production of goods and take ownership of businesses to overcome current foreign exchange challenges.

Ambode gave the advice in a statement issued by his Chief Press Secretary, Mr Habib Aruna on Wednesday.

The statement quoted the governor as speaking when he received the Managing Director of the Nigerian Breweries Plc, Mr Nicolas Vervelde.

Ambode expressed optimism that the foreign exchange crisis which resulted in fall of the naira against the dollar and other currency would be solved.

“The deficiency which Nigeria is currently experiencing in the economy as a result of the forex challenges is a pointer to the fact that all hands must be on deck to carry out some kind of structural adjustment on the economy.

“Manufacturing of products needed by Nigerians in Nigeria must also be encouraged,’’ the governor said.

Ambode commended President Muhammadu Buhari for the strategies he had so far adopted to address challenges confronting the economy and solicited the cooperation of Nigerians.

“The issues at stake are more about a short-term deficiency that we are experiencing in the economy. We do not believe that the issue of foreign exchange will last forever and it is something that is solvable. It is a pointer to the fact that there has to be some kind of structural adjustment in this economy and everybody has to start to look inward,’’ he said.

Ambode said the Nigerian breweries had shown good example of encouraging local ownership of businesses, especially with the transformation of the Lagos breweries of the company to a totally Nigerian outfit.

He urged other foreign investors in the country to look toward that direction.

Earlier, Vervelde commended the governor for his efforts in making the state safe and secured for business.

He appealed to the governor to look into the issue of people residing under the bridge behind the Lagos Breweries, saying the act might constitute safety and environmental risk.