Labour Party (LP) stalwart Kenneth Okonkwo has lambasted the Central Bank of Nigeria (CBN) over its handling of the foreign exchange market, as he criticizes the CBN’s method applied, asserting that successful forex management should lead to economic prosperity and stability.
Okonkwo, on Channels Television’s Inside Sources with Laolu Akande, questioned the CBN’s role understanding, especially amid the naira’s freefall. He emphasized that effective forex management should prioritize stability and sustainability over fluctuations in exchange rates.
Former Obi-Datti Presidential Campaign spokesperson Kenneth Okonkwo brings political insight to his critique of the current APC-led government.. His criticism focuses on the adverse effects of macroeconomic volatility on manufacturers in Nigeria.
Okonkwo highlights manufacturers’ challenges under the APC-led government: forex instability, high diesel prices, and recent electricity tariff hikes. These factors contribute to an uncertain operating environment for manufacturers, hindering their ability to plan and invest effectively.
Manufacturers find forex instability concerning as exchange rate fluctuations affect imported raw material and machinery costs significantly. This, coupled with high diesel prices and electricity tariff hikes, adds significant financial strain to manufacturing operations.
Okonkwo’s criticism underscores the need for government policies that support the growth and stability of the manufacturing sector. Addressing forex stability, energy costs, and regulatory challenges is crucial for fostering an environment conducive to manufacturing growth and prosperity.
Ultimately, Okonkwo’s remarks serve as a call to action for policymakers to prioritize the needs of manufacturers and implement reforms that alleviate the burdens imposed by macroeconomic volatility. By addressing these challenges, Nigeria can create a more conducive environment for manufacturing investment and economic development.
Okonkwo’s critique highlights concerns about the impact of the CBN’s policies on Nigeria’s economy. Consequently, his stance emphasizes the imperative for efficient forex management strategies.
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