The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II,on Sunday hosted a 30-member delegation from Kazakhstan, including top government officials and business leaders, at the Nigeria-Kazakhstan Business Council International Conference held at Transcorp Hilton, Abuja.
The delegation, led by Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, engaged in discussions aimed at fostering economic collaboration between the two nations.
In his address, the Ooni, who serves as Chairman of the Nigeria-Kazakhstan Business Council, commended President Bola Tinubu’s economic reforms, describing them as necessary steps that are gradually yielding positive results for Nigerians.
“The future belongs to those who embrace economic transformation,” the Ooni stated. “For the first time in 20 years, the gap between the parallel and official exchange markets has been completely closed. This signals a more investor-friendly environment, a repositioned capital market, and increasing foreign investment inflows.”
He added that last year’s meeting between President Tinubu and his Kazakhstan counterpart laid the foundation for the strengthened bilateral ties now taking shape.
Speaking at the event, Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, praised the Ooni for his leadership in mobilizing the traditional institutions to support economic policies. He confirmed that food prices in Nigeria had dropped by 40% in the last month due to increased supply and government intervention.
“Our field officers have been monitoring market trends, and we have seen a significant drop in food prices. However, we urge food processors to pass these benefits down to consumers,” Kyari said.
He attributed the price decline to increased agricultural production and a N200 billion intervention by President Tinubu aimed at stabilizing the sector. “For the first time, we are seeing hoarders release food stocks into the market, leading to price corrections,” he added.
Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, applauded the Ooni for hosting the summit and called for the establishment of a Nigerian embassy in Kazakhstan to facilitate trade and investment.
“Kazakhstan is home to only 20 million people, and over 90% of our population relies on cashless transactions. We want to strengthen economic ties with Nigeria, particularly in food security and trade,” he said.
The business summit follows a recent trade mission to Kazakhstan, where the Nigeria-Kazakhstan Business Council sent a delegation led by Chief Adeniyi Adesoji, Otunba Yera Olafare, and Kazakhstan’s Honorary Consul Nominee in Nigeria, Mr. Bruce Ayonote Brai. During their visit to Astana, Kazakhstan’s capital, they engaged with top government officials, manufacturers, and trade merchants to explore investment opportunities between the two countries.
The Ojaja Silkway Corporation, a Kazakh-registered entity under the Astana International Financial Center (AIFC), has been established to facilitate commodity exchange and other investment ventures between Nigeria and Kazakhstan.
Among the Nigerian dignitaries at the event were:Hon. Abubakar Kyari, Minister of Agriculture and Food Security, Engr. Faruk Yusuf Yabo, Permanent Secretary, Ministry of Communications and Digital Economy, Mr. Tony Ogufere, Special Adviser to the Governor, Central Bank of Nigeria Ada Chukwuodozie, Chairman, Keystone Bank Plc, Chief Dare Akobo, Chairman/CEO, PANA Holdings
, Amb. Maureen P. Tamuno, Group Managing Director/CEO, Abuja Investment Company, The Kazakh delegation Alibek Kuantyrov, Deputy among others.
