The Human Rights Writers Association of Nigeria has blamed the mass exodus of multinational companies out of the country on the inability of the governor of the Central Bank of Nigeria , Olayemi Cardoso, to stabilise the naira.
The association recalled that the Chartered Institute of Directors Nigeria had previously reported that the volatility in the exchange rate and the absence of a liquid forex market significantly hindered business operations, making it difficult for companies to repatriate profits and maintain profitability.
The association also criticised the government for its inadequate response to the high cost of living crisis, stressing that the depreciation of the naira has also led to skyrocketing prices of essential goods, making it difficult for ordinary Nigerians to afford necessities. “The situation in Kenya should serve as a wake-up call to our government. Nigerians are at their breaking point, and without immediate and effective interventions, we could see widespread protests and social upheaval,” HURIWA stated.
“The government’s spending priorities are completely out of touch with the realities faced by the average Nigerian. Tinubu should lead by example, aligning with the national mood and making the sacrifices he advocates. A new BBJ MAX 7, according to sources, costs $101 million or N150 billion. The 2024 agriculture budget is N362.9 billion.