The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has praised President Bola Tinubu’s administration for what he described as monumental and unprecedented achievements in various spheres of the country.

Mr Ogunwusi, during the official inauguration of the PBAT Door-to-Door Movement in Abuja on Thursday, commended Mr Tinubu’s strides in the economy and governance.

“President Bola Ahmed came very prepared, and the result is obvious. From the public governance and the private sector, what’s happening in this country has never been experienced before.

“If you go to capital market of Nigeria today, we are getting to a market capitalisation of over N140 trillion. Never in the history of Nigeria,” the traditional ruler stated.

According to Mr Adewusi, Mr Tinubu’s reforms have transformed Nigeria’s economy, with citizens seeing their impacts.

He added, “Never in the history of our country that Nigeria will play a strategic role in the European economy.”

Lauding Mr Tinubu’s government for improving the country’s foreign reserves, Mr Ogunwusi insisted the president was committed to ensuring real production in the country.

He explained, “Also, the foreign reserve of this country is now getting to $52 billion. This can finance importation in the next three years conveniently. The projection is there, and clearly the dollar is going to be stabilised, and there won’t be anything to shake our foreign exchange. The disparity is so close.

“No more arbitrage. No more rent-seeking. We are now ready for real production in our country. Look at what he has done to Ajaokuta Steel and the NNPC.”

Mr Ogunwusi expressed confidence in Mr Tinubu, adding that all the traditional rulers in the country were proud and happy to be associated with his administration.

The traditional ruler’s accolades for Mr Tinubu’s administration came amid widespread hardship in the country following the removal of fuel subsidy and other economic reforms.

Afrobarometer, in its latest report, revealed that most Africans, including Nigerians, continued to face widespread economic hardship driven by the rising cost of living, inflation, and unemployment.

The report noted that despite signs of economic improvement since the COVID-19 pandemic, Africans still faced poverty, inequality, high debt burdens, and other economic pressures.

“Pessimism about their country’s direction is more common among citizens experiencing high levels of lived poverty (67 per cent) than their well-off counterparts (44 per cent),” the report stated.