The Independent Media and Policy Initiative (IMPI) has said that measures introduced by President Bola Tinubu since assuming office have cast him as a visionary leader who is prepared to harness the country’s potentials.
Speaking through its Chairman Niyi Akinsiju at a press conference in Abuja, the group said its findings showed that measures including the local production of CNG powered vehicles will go along way in confronting major socio-political issues affecting the nation in the aftermath of fuel subsidy removal.
“By our reading of the President’s plan, as being implemented in the sector, four Compressed Natural Gas-based vehicle assembly plants are already being built in the country which will, in the first instance, produce 750 buses and thousands of tricycles, while 100 electric buses are on their way into the country to consolidate the Tinubu Transport Palliative Intervention.
“In connection with this, we can also confirm that CNG vehicle service centres with refilling facilities are being built across the country.
“The multiplier effect of all of these will include technology adaptation, cheaper transport, job creation, enablement of commercial utilisation of natural gas and an environment-friendly energy use regime, in alignment with environmental sustainability,” it noted.
According to the group, its performance analysis of the first eight months of President Tinubu’s administration showed a clear path towards an improved economy.
It cited the resurgence of the Nigerian stock market as a proof of what to expect.
“We put in context, the affirmation by the CBN Governor, Mr. Olayemi Cardoso, that the Naira is undervalued. We agree with this position especially in the light of the Purchasing Power Parity (PPP) of the Naira vis-a-vis the dollar.
“In connection with this, we also note the impressive returns of the Nigeria Stock Exchange since June 2023 when the harmonisation of the forex window was formally announced. Currently the Nigerian Stock market takes a pride of place as the number one stock exchange globally, principally driven by domestic investors, which as at 2023, accounted for 88.52% of total market value.
“This is a confirmation of the existence of conducive environment for foreign investors to invest across the Nigerian investment ecosystem,” IMPI said.
The policy group however urged President Tinubu to take steps to ensure that investigation into corruption allegations against senior government members are not swept under the carpet.
It said: “Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure, but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency.
“This will go a long way to sending clear signals to local and international audiences about the Tinubu administration’s seriousness to tackle the scourge of corruption as recently observed by the US Secretary of State, Anthony Blinken during a recent visit to Nigeria.”