Lagos: Mr. Akinjide Adeosun, the Chairman and CEO of ST. RACHEAL’SS Pharmaceutical Nigeria Ltd., has called on the Federal Government to revisit economic reforms to address issues such as hunger, high transport fares, and rising rent costs. Adeosun, a licensed pharmacist and the Founder of the Akinjide Adeosun Foundation (AAF), made this appeal during the grand finale of events celebrating his 57th birthday.

According to News Agency of Nigeria, the celebration, held on August 4, included a Thanksgiving Service at All Souls’ Church in Lekki Phase 1, Lagos, accompanied by philanthropic activities such as the unveiling of a food bank. Adeosun emphasized that true leadership should focus on alleviating hardships, hunger, and insecurity. He expressed fulfillment in using his birthday to distribute food to vulnerable individuals, including cleaners and security personnel.

Adeosun highlighted the critical connection between food and public health, stating that societies must prioritize the basic needs of feeding, transportation, and shelter. He urged the government to reassess reforms, pointing out that subsidies exist worldwide and are essential for addressing the link between food availability and health conditions.

He commended President Bola Tinubu’s decision to remove the fuel subsidy but noted that the government should have anticipated and planned for the resulting challenges such as hunger and poverty. Adeosun stressed the need for increased manufacturing capacity, particularly in indigenous pharmaceutical companies, to curb product inflation.

Adeosun advocated for significant investment in the manufacturing and production sectors to transition Nigeria from a consumption-based to a production-based economy. He argued that this shift would naturally reduce prices and lessen the demand for foreign goods.

In addition, Adeosun proposed a ban on petrol importation and recommended a crude oil discount for local refineries like Dangote to mitigate inflationary pressures. He suggested a 20 percent crude oil discount to local refineries and similar incentives for producers of flour, cement, and basic commodities, including farmers, to lower prices and rental costs.

On the issue of economic sabotage, Adeosun recommended severe penalties, akin to those in Singapore and China, to deter such activities. He also urged the government to improve grassroots infrastructure by constructing and equipping schools and hospitals.