Unified exchange rate will boost Nigeria’s economy – Expert

Prince Omoha, chairman and chief executive of Prince Luxury Group, has passed a vote of confidence on President Bola Tinubu’s one month in office, saying the decision to eliminate the multiple foreign exchange rates will boost Nigeria’s economy.

Omoha made his assertion in a webinar hosted by the Nigeria entrepreneurship forum. He commended Tinubu for his quick actions to address the foreign exchange volatility, describing it as a wish come true for Nigerians and investors.

“The free market will bring devaluation that can make real estate assets and other sectors more affordable for foreign investors, potentially attracting increased foreign investment in the sector,” he said.

“This influx of foreign capital can stimulate development, boost construction activities, and drive market growth,” he added.

According to him, the long-standing issue has been a challenge for foreign investors, saying the decision will now unleash foreign investments in the country.

He pointed out that the lack of easy access to foreign exchange and higher exchange in the black market had prevented many investors from dealing with the company which had subsequently slowed the operation of the company over the years.

He said exchange rate unification would attract foreign direct investment (FDI) and drive economic growth and development.

He congratulated the newly appointed service chiefs and urged them to implement a tactics policy to end insecurity in some parts of the country.

“Bola Tinubu administration so far has improved immensely in making impactful policies that will subsequently revamp the economy. I look forward to a tactical policy in the area of insecurity.”

“You know one thing every investor is worried about is the safety of their investments. And security is like honey; it attracts so many good things. Once security is guaranteed, investors will troop in and the economy will skyrocket. It’s as simple as that.”

The young entrepreneur has many awards to his credit. A couple of years ago he received the African Young Entrepreneur and Humanitarian Personality of the Year award tagged by the Vardi Africa Board of Trustees alongside Yemi Osibanjo, former vice president, and others in recognition of their outstanding display of excellence in effective leadership in entrepreneurship development and humanitarian activities on the African continent.