Financial Expert Urges Federal Government to Reduce Dollar Dominance in Nigeria’s Economy | Cliptv Online

In a bid to address the free fall of the naira and alleviate the frustrations faced by Nigerians, financial expert Dr. Emmanuel Ozigi has called on the federal government to urgently take steps to reduce the dominance of the dollar in economic transactions within the country.

Dr. Ozigi made the plea during the official launch of the business operations of Kabimya Finance Company Limited (KFCL) in Abuja. He emphasized that an unregulated free market policy is not conducive to a thriving economy and can have severe implications, especially for the common man.

According to him, the current policy of allowing the forces of demand and supply to determine the exchange rate has led to a heavy impact on inflation, standard of living, and livelihood for many Nigerians. Dr. Ozigi argued that an economy needs to be regulated, with clear drivers pointing the direction of economic growth and development.

He further stressed the need to reduce the dollarization of Nigeria’s economy, as excessively relying on the dollar makes it challenging to improve the local economy and compete internationally. Dollarization hampers the growth of local businesses and services, limiting their ability to thrive on the global stage.

Dr. Ozigi urged an urgent review of the Central Bank of Nigeria’s (CBN) free floating policy of the naira, warning that unregulated exchange rates will exacerbate the current economic challenges faced by the country.

Regarding Kabimya Finance Company Limited, Dr. Ozigi highlighted the positive impact the firm will have on the Nigerian business community, especially Small and Medium Enterprises (SMEs). The company aims to provide serviceable credit facilities and job opportunities for the teeming unemployed youth, supporting them in their financial growth.

Furthermore, KFCL will offer risk management advice to assist its customers’ businesses in flourishing. Their comprehensive range of products and services is tailored to cater to various stages of clients’ lives, encompassing investment planning, wealth management, lending solutions, and risk management strategies.

In conclusion, Dr. Emmanuel Ozigi’s call for reduced dollar dominance in Nigeria’s economy highlights the importance of a regulated economic framework to safeguard the interests of the citizens and foster sustainable growth. The launch of Kabimya Finance Company Limited offers hope for the nation’s SMEs and unemployed youth, providing essential financial services and support for their businesses’ development.