During a press conference that also celebrated the 26th anniversary of CFL Group, Omotola asserted that stabilizing the exchange rate at N350 to a dollar would lead to a significant decrease in petrol prices and other goods, thereby alleviating inflation and interest rates. “If our exchange rate were N500 to a dollar today, petrol prices would drop immediately, along with the prices of other commodities,” he elaborated.
Omotola recounted his previous warnings to the Central Bank of Nigeria (CBN) governor regarding the anticipated decline of the naira, which has now fallen to approximately N1,800 to a dollar. “Last year, I raised concerns about the exchange rate and cautioned the CBN governor about the naira's impending decline. Now, it stands at about N1,800 to a dollar,” he remarked.
He criticized the CBN’s actions as superficial, arguing that they do not address the fundamental issues causing the currency's depreciation. “I have consistently stated that the measures taken by the CBN governor are merely cosmetic and do not tackle the core issues. We cannot allow speculation on our currency to become a survival strategy,” Omotola emphasized.
He further contended that the CBN governor has a crucial role in addressing the economic crisis but expressed doubts about the current cabinet's capability to effectively resolve the situation. “The existing economic challenges cannot be addressed by anyone in the cabinet. None of them can confidently claim they possess the necessary skills to solve this problem,” he concluded.
Drawing comparisons with the medical and aviation industries, Omotola called for urgent action from leaders. He stated, “When you consult a doctor, they diagnose your condition, provide a prescription, and assure you that you should feel better within a week. Similarly, a pilot will inform you that the flight may experience turbulence and advise you to fasten your seatbelt.”
He further asserted, “Anyone who cannot diagnose issues, offer solutions, and provide a timeline for improvement should not hold a position of authority. We cannot afford to have professionals merely engaging in empty rhetoric.”
To foster sustainable economic development, Omotola proposed a comprehensive 10-year strategy centered on four critical sectors: Agriculture, Health, Education, and Infrastructure. “We need to commit to addressing these four areas—Agriculture, Health, Education, and Infrastructure—by establishing a 10-year plan that remains untouched by political agendas,” he suggested.
He recommended that this strategic framework be embedded in the constitution to safeguard it from political manipulation. “We will ensure that this roadmap is constitutional, preventing any future government from altering it. Governance should operate in this manner, rather than relying on the hope of miraculous changes,” Omotola stressed.
He pointed out the stark contrast between Nigeria’s educated populace and its struggle to achieve food security. “In the past, Nigerians thrived without formal education, as our ancestors provided ample food. When you visit them, they would generously offer you a meal. They may not have been educated, but we were well-fed during their era. Sadly, after investing in our education, we return to a reality of hunger. This is indeed a tragedy following such significant investment in our future.”
He stated that the ongoing challenges necessitate a joint effort from both the government and the private sector, highlighting that it is entrepreneurs, rather than politicians, who are the catalysts for change in developed nations.
He underscored the importance of entrepreneurs in the private sector to develop infrastructure, deliver essential services, generate employment, and stimulate economic growth within the country.
He criticized Nigeria’s business elite for their poor management of resources, pointing out that over N40 trillion has been allocated to fuel subsidies, N10 trillion to agriculture, and N8 trillion absorbed by AMCON due to non-performing loans. He expressed concern over the extravagant lifestyles of some business leaders, who remain heavily indebted, and the tendency to hide funds in foreign accounts, which exacerbates unemployment and insecurity.
Regarding the company’s initiatives, Omotola mentioned that the organization aims to incorporate technology into agriculture and address the housing deficit in the country.
“In just two days, on October 26, 2024, our group will celebrate its 26th anniversary. Throughout the years, we have navigated numerous challenges, including banking reforms, economic downturns, insecurity, foreign exchange crises, fuel shortages, and the current economic difficulties,” Omotola remarked. “In a nation where many businesses fail within five years, reaching 26 years is certainly a milestone worth celebrating.
“Concerning our business, we are excited to share that our public-private partnership project with Ikeja Local Government has been successfully resolved, and construction is advancing well. We anticipate an early completion between December 2024 and the first quarter of 2025, marking 15 years of effort on this project. Furthermore, we have 18 real estate projects in Lagos pending government approvals.
“We are also in the process of raising funds to initiate a nationwide ‘One Million Homes’ initiative, referred to as the Grace Project. In the agricultural sector, we have launched Tech Farmers, which integrates technology to enhance farming practices. Next year, we plan to begin backward integration in our construction sector by manufacturing our own materials, which will create jobs and lower costs.”