In the wake of Nigeria’s economic crisis exacerbated by recent forex and subsidy reforms, President Bola Ahmed Tinubu has pledged to hasten efforts to stimulate economic growth for Nigerians.

The decision of Tinubu’s administration to remove fuel subsidy and deregulate the forex market orchestrated a surge in the cost of living, ushering in a new face of economic hardship that Nigerians have found unbearable.

This backdrop triggered growing calls on the government to act fast and save the country from implosion, by ameliorating people’s suffering.

In a statement issued by the Media Adviser to the President, Ajuri Ngelale, on Friday at a meeting held at the State House, Abuja with the Board of Trustees of the All Progressives Congress (APC) Professionals Forum led by former Bauchi State Governor, Mallam Isa Yuguda, Tinubu assured Nigerians that proactive efforts are underway to boost the economy.

“This economy must recover for the good and greatest number of Nigerians, and we are seriously committed to seeing through a change for the better,” he said.

President Tinubu emphasized the commitment to achieving gradual and controlled expansion, as well as improved public awareness regarding policy results. He stated that all endeavors across various sectors will be meticulously recorded and regularly assessed to validate their performance and share with the public.

“So far, we have taken some baby steps and pushed some aggressive positions,” the President said while addressing the APC professionals.

However, Nigerians have criticized the “aggressive positions” pushed by Tinubu’s administration due to its resultant consequences that have further depleted their meager spending power.

Nigeria has a monthly minimum wage of N30,000.

The president’s inactions are believed to be watering his promises to revamp the economy are his inactions. Tinubu is yet to inaugurate an economic team and ministers confirmed by the senate are yet to get to work.

Tinubu announced the removal of fuel subsidies on May 29, during his inaugural speech, and less than a month later, the FX market was floated. The swiftness of those reforms was devoid of palliative plans to cushion their effects.

Nigerians have relied on fuel subsidy for years to buy petrol at cheaper rates. Also, the Central Bank of Nigeria (CBN), has for years, controlled the naira with pegs that put its rate at the Investor and Exporter (I&E) window around N462/$1 as of June.

But due to the abrupt reforms, fuel prices shot up as high as N617 per liter, while the naira has fallen to N950/$1 in the parallel market.

With the palliatives needed to cushion the inflationary effects of the reforms yet to be provided by the government, Nigerians appear tired of the government’s promises and assurances.

As a member of Abia State Government Economic Council, I received many messages from our community, asking for the reason why the state government and our Governor, Dr Alex Otti, bought Toyota vehicles, to immediately deepen the security challenges in some parts of the state, most especially Umunneochi and Isuikwuato LGAs express axis. There is an official response now, and I will summarize:

1. The state government placed a huge order to use Innoson Motors for this, but Innoson is already running out of capacity. The company asked the state to source from other firms: “The Governor called me [Founder of Innoson Motors]  and requested for Pickups which he needed urgently, but I told him our own had exhausted and encouraged him to patronise another company”.
2. Abia State is buying local. Yet, the purchase of these 20 vehicles from Toyota cannot wait. Innoson has received an unprecedented level of support, and will continue, because His Excellency tasked us to source everything locally. 
3. Abia State will not just be buying cars; this process will create jobs in Abia. This is from Innoson: “Due to his patronage and unprecedented support we have decided to build a service plant in Abia in line with the request of the Governor. We have also concluded plans to use Aba as a HUB for the conversion of Vehicles to CNGs”, Innoson Founder.

Good People, we all want Abia to rise. The support Mr. Governor is receiving, is appreciated, and please continue to offer that. Operation Crush is catalytic as we need security to drive investments into Abia. Certainly, if using another car brand to get it going, we hope you understand the logic. Everyone prefers Innoson. Udo diri umu Abia, di kwara obodo Nigeria (peace to Abians and the nation of Nigeria)

Innoson Motors has introduced the much talked about CNG Busses….

Sai Nigeria ?? pic.twitter.com/PVefJt1wLH

— Ayekooto (@DeeOneAyekooto) August 12, 2023

I WAS SHOCKED BY THE SOCIAL MEDIA ATTACK BECAUSE YOU’RE OUR BIGGEST SUPPORTER AND NUMBER ONE CUSTOMER-INNOSON TELLS GOVERNOR OTTI.

The Founder and CEO of Innoson Vehicle Manufacturing (IVM), Chief Innoson Chukwuma, CON, has expressed shock and disappointment over the misplaced negative reactions that trailed the purchase of some security vehicles by the Governor of the state, Dr. Alex Otti recently.

Chief Chukwuma made his feelings known when he led some directors of the Company on a courtesy visit to the Governor of the State, Dr. Alex Otti at his Country Home, Nvosi in Isialangwa South LGA of the state.

He explained that he was the very first person Governor Otti called on phone to supply those security vehicles as a case of emergency following a request made by security agencies ahead of the Inauguration of the Security Joint Taskforce (Operation Crush) but that because he had exhausted his Pickups, he encouraged the Governor to consider patronising another company, and added that buying 20 trucks from Toyota is nothing compared to the volume of patronage he is enjoying from the Governor.

In his words “The Governor called me and requested for Pickups which he needed urgently, but I told him our own had exhausted and encouraged him to patronise another company.

He had earlier assured me even before his inauguration that he would patronise only Innoson which was the reason he used our Pickup for his inauguration parade which we delivered.

Buying 20 Pickups from Toyota is nothing compared to the patronage we have enjoyed from him. Due to his patronage and unprecedented support we have decided to build a service plant in Abia in line with the request of the Governor. We have also concluded plans to use Aba as a HUB for the conversion of Vehicles to CMGs” he concluded.

Responding to his visitors, Governor Otti thanked Chief Chukwuma and his team for coming.

The Governor made it clear that he didn’t make anything out of the social media fight because even the Pickup for his inauguration Parade was manufactured by Innoson and that he had to put Chief Chukwuma under pressure to get it ready and that his government has gone on to purchase 40 pieces of Innoson SUVs, with several pending orders yet to be delivered.

The Governor recalled their meeting in the year 2005 when he was still producing Motorcycles, and expressed joy that his perseverance led to something bigger.

The Governor disclosed that he had extended support to Chief Chukwuma during his career in the bank, a support which the Innoson boss acknowledged and still appreciates.

Governor Otti further explained that his government needed 20 Pickups urgently for the take-off of the “Operation Crush ” and that once Innoson didn’t have, he knew that only Toyota and Mitsubishi have the capacity to manufacture in large quantities and keep permanently, hence his resort to buying Toyota Pickups.

The ex bank Chief reminded Chief Chukwuma of the Service Centre and requested that it should be built before the end of the year so that Innoson vehicles can be serviced and repaired in Abia.

Governor Otti recalled their discussion during the COVID-19 period and the suggestion he made which led to the opening of a production line for Ventilators and urged the industrialist to put Aba in his industrial plans, explaining that investors are coming to the state because they have confidence in his government.

Ferdinand Ekeoma
Special Adviser to the
Governor on Media and Publicity.
12-08-2023.