Sandra Iheuwa, a popular businesswoman, has written an open letter to President Bola Tinubu, on the need to address the naira’s devaluation.
In a heartfelt open letter shared via Instagram on Monday, Iheuwa highlighted the consequences of the depreciation of the Naira, particularly for the most vulnerable sectors of society.
She lamented the sharp rise in prices of essential commodities, which has worsened financial hardships for ordinary Nigerians, pushing many deeper into poverty.
She emphasized: “The devaluation has resulted in a sharp rise in prices of essential goods and services, making it increasingly difficult for the less fortunate to afford basic necessities. Families are struggling to make ends meet, and the already vulnerable segments of society are being pushed further into poverty.”
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Highlighting the plight of businesses, Iheuwa noted the widespread closures and job losses experienced, emphasizing the urgent need for intervention to prevent further economic downturn.
“Small and medium-sized enterprises, which form the backbone of our economy, are particularly vulnerable. Without prompt intervention, we risk a further decline in economic activity and a deepening unemployment crisis,” she warned.
Iheuwa’s letter also offered practical solutions to reduce the crisis. She stressed the importance of economic diversification, urging investment in sectors such as agriculture, manufacturing, and technology to stimulate growth and create employment opportunities.
Furthermore, Iheuwa advocated for the implementation of fiscal policies aimed at stabilizing the Naira and attracting foreign investment.
“…measures to curb inflation, promote exports, and attract foreign direct investment. By creating a favorable business environment and ensuring transparency in government spending, we can restore confidence in the naira and attract much-needed capital,” she advised.
The serial entrepreneur also calls for prioritizing social safety nets and targeted interventions to support the most vulnerable segments of society.
She said: “By providing support in the form of financial aid, skill development programs, and access to affordable healthcare and education, we can uplift those affected by the devaluation and set them on a path towards a brighter future.”
Iheuwa implored President Tinubu to heed the urgent call for action, underscoring the pivotal role of effective leadership in steering Nigeria through its current economic challenges.
“Our nation’s future depends on your leadership and commitment to the well-being of all Nigerians,” she added.
