Ooni Hosts Kazakhstan Delegation in Abuja, Praises Tinubu’s Economic Reforms
By Raymond Enoch
In a significant step towards enhancing bilateral ties, the Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, hosted a 30-member delegation from Kazakhstan at the first-ever Nigeria-Kazakhstan Business Council International Conference on Sunday. The event, held at the Transcorp Hilton in Abuja, was a gathering of business leaders, top government officials, and stakeholders from both countries, all working towards fostering stronger economic cooperation.
Led by Kazakhstan’s Deputy Minister of Foreign Affairs, Mr. Alibek Kuantyrov, the delegation also included key officials from Kazakhstan’s Trade, Agriculture, and Investment sectors. The summit marked a new chapter in the diplomatic and economic relationship between the two nations, following a meeting last year between President Bola Tinubu of Nigeria and Kazakhstan’s president.
In his remarks, Ooni Ogunwusi, who chairs the Nigeria-Kazakhstan Business Council, hailed the bold economic reforms being implemented by President Tinubu, noting that the positive effects of these reforms are beginning to show. He lauded the progress made in stabilizing the country’s economy, particularly highlighting that for the first time in 20 years, the gap between Nigeria’s parallel and official exchange rates has been completely closed.
“We all know the challenges of our dear country, but we are witnessing a gradual normalization of things. These reforms, although tough initially, are beginning to bear fruit. Nigeria is now a more investor-friendly nation, and I can say with confidence that the capital market has been repositioned for better foreign investment inflows,” Ooni Ogunwusi said.
He further emphasized the importance of these reforms in improving Nigeria’s international standing, adding that Nigerian entrepreneurs were eager to explore potential collaborations with their counterparts from Kazakhstan.
Echoing the Ooni’s sentiments, Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, praised the monarch’s leadership in supporting Nigeria’s economic transformation through traditional institutions. He revealed that food prices in Nigeria had fallen by 40 percent in the past month, a direct result of enhanced agricultural policies and government interventions.
Kyari credited the President’s strategic intervention, including a N200bn stimulus package for farmers, as a catalyst for this reduction in food inflation. He also expressed confidence in the continued positive trajectory of the agricultural sector, with plans to stabilize prices further in the coming months.
The Minister also urged food processors to pass down the benefits of the price reductions to the consumer level, highlighting the need for transparency and fairness in the retail sector.
The Kazakhstan delegation was equally optimistic about the potential for expanded business relations, with Deputy Minister Kuantyrov stressing the importance of enhancing diplomatic and commercial ties between the two countries. He pointed out that Kazakhstan, with a population of just 20 million, is a growing economy with unique opportunities, especially in sectors such as agriculture and food security.
Kuantyrov also highlighted that over 90 percent of Kazakhstan’s population conducts transactions without cash, signaling the country’s progress towards digitalization. He urged the Nigerian government to consider opening an embassy in Kazakhstan to ease trade and diplomatic relations between the two nations.
“The goal is to promote food security for Central Asia and beyond, and Kazakhstan is at the forefront of this effort,” Kuantyrov noted, referencing Kazakhstan’s leadership in establishing the Organization of Islamic Food Security, which now includes more than 40 countries.
The event also saw notable discussions on potential investments and business opportunities in both countries, with key players from Nigeria’s banking, agricultural, and digital sectors engaging with their Kazakh counterparts. The Ooni’s role as the chairman of the Nigeria-Kazakhstan Business Council has been pivotal in these developments, fostering a strong foundation for future collaboration.
As the conference drew to a close, it was clear that the partnership between Nigeria and Kazakhstan has entered a promising phase, driven by mutual respect, shared goals, and an unyielding commitment to economic progress. The Ooni’s leadership, coupled with President Tinubu’s reforms, has set the stage for stronger ties that will benefit both nations in the years to come.
This summit marks just the beginning of a more prosperous and mutually beneficial relationship, with both nations poised to make significant strides in global business and economic diplomacy.
