In response to the recent appreciation of the Naira against the United States’ Dollar, President Bola Tinubu has announced a series of economic measures aimed at reviving the Nigerian economy.
Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, relayed this information to State House Correspondents on Friday in Abuja.
Ngelale highlighted the significant shifts observed in the foreign exchange market and the strengthening of the Nigerian currency. He emphasized President Tinubu’s commitment to capitalizing on this positive development by implementing interventions to further bolster the Naira’s value.
“The President has approved a series of interventions to ensure that we see a mass strengthening of the Nigerian Naira against all other global currencies,” Ngelale stated.
President Tinubu urged Nigerians to seize this opportunity to support local industries by patronizing and purchasing Nigerian products across all sectors.
He emphasized the importance of enhancing the spending power of citizens and increasing the value of the Naira both domestically and internationally.
“We want every Naira and Kobo we earn to be more valuable not just here but when we travel abroad,” Ngelale quoted President Tinubu as saying.
Furthermore, President Tinubu called on every Nigerian to actively participate in safeguarding the economy and combating activities that undermine its stability.
He encouraged citizens to report any suspicious behavior that could jeopardize the nation’s economic well-being.
To support micro, small, and medium-scale enterprises (MSMEs), President Tinubu approved the Presidential Conditional Grant Scheme, aimed at empowering over one million Nigerian businesses.
Additionally, a substantial sum has been disbursed from the Bank of Industry to provide low-interest loans to small and medium-scale enterprises across the country.
“In addition to that, over 150 billion naira has been dispersed from the Bank of Industry and made up on single-digit interest rate loans of up to N2 million to small and medium-scale enterprises across all local government areas of the federation,” Ngelale explained.
President Tinubu also allocated funds to the construction and manufacturing sectors to stimulate employment and economic growth.
Over N75 billion has been earmarked for 75 large-scale manufacturers nationwide, with the aim of protecting jobs and fostering expansion within these industries.
In an effort to enhance the judiciary’s effectiveness and combat corruption, President Tinubu approved new remuneration for the judicial arm of government. This move is intended to improve the quality of justice delivery and instill trust in the Nigerian judicial system, particularly among potential investors.
Moreover, the appreciation of the Naira is expected to positively impact the upcoming review of the minimum wage in April.
President Tinubu emphasized the importance of stabilizing the currency to ensure sustainable economic policies that benefit all Nigerians.
“We are focused on ensuring that we arrive at a new minimum wage that states can afford, and that we’ll deal with all of the needs of Nigerian families across the country,” Ngelale quoted President Tinubu as saying.
President Tinubu’s economic measures aim to create a conducive environment for economic growth, job creation, and improved living standards for Nigerians.