The Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, yesterday, hosted a 30-man delegation from the Republic of Kazakhstan, comprising top government officials and business leaders, at the maiden edition of the Nigeria-Kazakhstan Business Council International Conference held at Transcorp Hilton, Abuja.
The delegation was led by Kazakhstan’s Deputy Minister of Foreign Affairs, Alibek Kuantyrov, in a bid to strengthen bilateral trade and investment ties between both nations.
During the event, the Ooni, who serves as the Chairman of the Nigeria-Kazakhstan Business Council, commended President Bola Ahmed Tinubu for his bold economic reforms, stating that the economic hardship caused by the policies was gradually easing and yielding positive results.
He statred, “We all know the challenges our dear country faces. A simple analogy is that of a plane dropping from a high altitude—casualties can arise, but we thank God that things are stabilizing gradually.”
He further noted that, for the first time in two decades, the arbitrage between the parallel and official markets had been completely closed adding, “This is a testament to the fact that our country is now investor-friendly. Our capital market has been repositioned to attract better foreign investments, and Nigerian entrepreneurs are eager to connect with their Kazakh counterparts.”
The Ooni also highlighted the impact of last year’s meeting between President Tinubu and his Kazakh counterpart, which laid the foundation for the current business collaboration between the two countries.
Kazakhstan’s Deputy Minister of Foreign Affairs, Kuantyrov, praised the Ooni’s efforts in fostering international partnerships, describing him as a distinguished African monarch.
He also urged Nigeria to consider opening an embassy in Kazakhstan to facilitate smoother diplomatic and business relations saying, “Kazakhstan is home to only 20 million people, and over 90 percent of our transactions are cashless. Strengthening our relationship with Nigeria will be of mutual benefit.”
He also said that Kazakhstan was instrumental in establishing the Organisation of Islamic Food Security, which now has over 40 member nations.
Also speaking at the event, Nigeria’s Minister of Agriculture and Food Security, Alhaji Abubakar Kyari, praised the Ooni for his leadership in uniting traditional institutions with government efforts, confirming recent reports that food prices in Nigeria had dropped by 40 percent within the past month.
Kyari noted, “We have seen a significant reduction in food prices, thanks to President Tinubu’s N200 billion intervention in the agricultural sector. We are, however, urging food processors to pass on the benefits to consumers to ensure affordability.”
He further attributed the price reduction to an increase in supply following a strong agricultural output in 2024, adding that the government was working on stabilization mechanisms to maintain affordable food prices without discouraging local production.
The Ooni of Ife had, three weeks prior, sent a business delegation led by the Executive Secretary of the Nigeria-Kazakhstan Business Council, Chief Adeniyi Adesoji, to Kazakhstan for strategic meetings with investors and government officials in Astana, Kazakhstan’s capital city.
Discussions centered on trade, investment, and commodity exchange, facilitated by the Ojaja Silkway Corporation, which has been registered with the Astana International Financial Center (AIFC) to oversee business relations between both nations.
The Abuja conference featured prominent figures from both Nigeria and Kazakhstan, including Nigeria’s Minister of Agriculture, Alhaji Abubakar Kyari; the Permanent Secretary of the Ministry of Communication and Digital Economy, Engr. Faruk Yusuf Yabo; Special Adviser to the Central Bank Governor, Mr. Tony Ogufere; and Chairman of Keystone Bank Plc, Ada Chucwudozie.
On the Kazakh side, attendees included Vice Minister of Trade and Investments, Mr. Kairat Torebayev; Kazakhstan’s Ambassador to Algeria, Anuarbek Akhmetov; and the Group Chairman of Freedom Holdings, Timur Turlov, among others.
The Nigeria-Kazakhstan Business Council International Conference is expected to foster stronger economic and diplomatic ties between both nations, with further engagements planned in the coming months.
