The Bishop of the Anglican Diocese of Owo, Rev Stephen Fagbemi, has expressed deep concern over the economic challenges facing Nigeria, which have left citizens in pain and frustration.
He called on President Bola Tinubu to urgently intensify efforts to tackle the country’s economic hardship and security issues.
Speaking during his Charge at the third session of the 14th Synod of the Church, held at St Stephen’s Church in Ipele, Owo local government area, Rev Fagbemi highlighted the severe impact of the current economic crisis on Nigerians.
“The effects of the current economic hardship are real and painful,” Fagbemi said.
“Unless urgent and effective steps are taken to curtail the effects of the current economic situation in the country, Nigeria may witness an uncontrollable rise in crime,” he added.
The bishop lamented the increasing difficulty of living in Nigeria, noting that many citizens are leaving the country in search of better opportunities, only to face challenging situations abroad.
He attributed the acute economic hardship to the sudden removal of the petroleum subsidy and the devaluation and instability of the foreign exchange.
“Nigeria and its people have encountered acute economic hardship within the past year. The resultant effects of these actions are the harsh economic reality that Nigerians are facing daily.
“Inflation is almost out of control, and prices of goods and commodities have risen astronomically.
“It has become hard for people to feed their families. Perhaps only very few wealthy individuals can claim to be comfortable at the moment,” Fagbemi stated.
The bishop urged the government to work harder at diversifying the economy, pointing out the high unemployment rate, with many graduates unable to find jobs or means of livelihood, making the future seem bleak and hopeless for many.
Despite the economic difficulties, Fagbemi criticized the continued borrowing by Nigeria and the lack of economic adjustment within the political class, whose substantial monthly incomes remain unchanged.
“The political class is not undergoing any serious economic adjustment, as their monthly take-home, which is humongous, is a shameless inconsideration of the plight of their electorate,” he said.
He added that there is an urgent need for comprehensive economic reforms and effective security measures to alleviate the suffering of Nigerians and restore hope for a better future.
Meanwhile, Nigeria faces the potential loss of $20 billion in cocoa exports within the next three years if it fails to comply with sustainability reporting standards, according to Dr Rabiu Olowo, Executive Secretary of the Financial Reporting Council of Nigeria.
Olowo emphasized the importance of adhering to these standards during a visit by the House of Representatives Committee on Commerce, led by Chairman Hon. Ahmed Munir, to the FRC head office in Abuja.
Olowo stressed that Nigeria must meet processing and reporting expectations to maintain its competitiveness in the global cocoa market.
