The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, on Sunday hosted a 30-man delegation from Kazakhstan, led by the country’s Deputy Minister of Foreign Affairs, Mr. Alibek Kuantyrov, at the maiden Nigeria-Kazakhstan Business Council International Conference held at Transcorp Hilton, Abuja.
The Ooni, who chairs the Nigeria-Kazakhstan Business Council, commended President Bola Tinubu for his bold economic reforms, noted that the hardship experienced by Nigerians is gradually easing. He highlighted that, for the first time in two decades, the gap between the parallel and official exchange rates has been completely closed, signaled improved investor confidence in the country.
“We all know the challenges our dear country has faced, but things are gradually normalizing. Our capital market is now repositioned for better foreign investment inflows, and many Nigerian entrepreneurs are eager to connect with their counterparts from Kazakhstan,” the monarch stated.
He credited last year’s meeting between President Tinubu and his Kazakh counterpart as the foundation for the growing bilateral relations between both nations.
Also speaking at the event, Nigeria’s Minister of Agriculture and Food Security, Abubakar Kyari, lauded the Ooni for his role in promoting economic partnerships. He confirmed that food prices in Nigeria have dropped by 40% in the past month and urged food processors to pass on the benefits to consumers.
“Our field officers have been monitoring market trends, and we have seen a significant drop in food prices. This is due to improved supply, a result of President Tinubu’s N200 billion intervention in the agricultural sector,” Kyari said.
He further explained that hoarded food stocks are now being released as traders seek to avoid losses, adding that the government is working on price stabilization measures to sustain affordability without discouraging local production.
On his part, Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, praised the Ooni for facilitating stronger ties between Nigeria and Kazakhstan. He encouraged Nigeria to establish an embassy in Kazakhstan to enhance diplomatic and economic engagements.
“Kazakhstan has taken the lead in promoting food security in Central Asia and beyond. We established the Organization of Islamic Food Security, which now has over 40 member countries. Strengthening our diplomatic ties with Nigeria will further boost trade and investment,” Kuantyrov said.
The Ooni’s business delegation had earlier visited Kazakhstan to engage government officials, manufacturers, and trade stakeholders, mobilizing investment opportunities for Nigeria. Their discussions paved the way for enhanced business relations, particularly in commodities exchange and other investment sectors under the Ojaja Silkway Corporation, registered with the Astana International Financial Center (AIFC).
The conference featured contributions from high-profile stakeholders, including Chief Kehinde Adesoji Adeniyi, Executive Secretary of the Nigeria-Kazakhstan Business Council; Kazakhstan’s Honorary Consul to Nigeria, Mr. Bruce Ayonote; Permanent Secretary, Ministry of Communication and Digital Economy, Engr. Faruk Yusuf Yabo; Special Adviser to the Governor of the Central Bank, Mr. Tony Ogufere; and Keystone Bank Chairman, Ada Chukwudozie.
From Kazakhstan, speakers included Vice Minister of Trade and Investments, Mr. Kairat Torebayev; Kazakhstan’s Ambassador to Algeria, Anuarbek Akhmetov; and Timur Turlov, Group Chairman of Freedom Holdings, among others.
The business summit is expected to pave the way for stronger economic collaboration between Nigeria and Kazakhstan, fostering trade and investment opportunities beneficial to both nations.
