Former President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Segun Ajibola, has called for a significant reduction in Nigeria’s dependency on the dollar.
The banker disclosed this in an interview on ARISE News, highlighting the pervasive influence of the Dollar in Nigeria’s economic decisions.
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Ajibola stated, “The greatest challenge that we face is the impact of Dollar content in our life as a people and as a country as a whole. The content of the Dollar in everything that we have is so high, from the shoes we have, to the clothes we wear as well. So, I think the first challenge is to demystify the Dollar in our national life. How do we reduce the impact of dollars in our lives? It affects everything.”
He further emphasized the need for Nigeria to find a way to stop the Dollar from being a ‘determinant factor’ in the lives of Nigerians.
Drawing parallels with India’s self-sufficiency in food and clothing, he suggested that Nigeria could also benefit from a similar paradigm shift.
On the subject of borrowing, Ajibola acknowledged the necessity of loans for struggling nations, citing the $2.25 billion single-interest loan Nigeria secured from the World Bank.
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However, he stressed the importance of judicious utilization of these funds.
He proposed, “A loan of this nature should be project tied. We should be able to know how the 2.5 billion Dollars will be broken down into projects and infrastructure. How do we apply it to strengthen the economy as a whole? So, if we tie the loan to specific projects, then we must bid for accountability around it.”
Ajibola’s position comes at a time of increased scrutiny of public finances following reforms, which have raised the cost of living.