- President Tinubu advocates increased patronage of locally made products to strengthen the Naira, aiming to enhance economic resilience
- Recent interventions by the CBN, including settling a $7 billion foreign exchange debt, have eased pressure on the Naira
President Bola Tinubu has announced a pivotal shift in government policy, advocating for increased patronage of locally made products to bolster the Naira. Speaking through his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu emphasized the importance of this move during a briefing with state house correspondents regarding ongoing initiatives to shoo up the national currency.
Ngelale conveyed Tinubu’s message, highlighting the government’s commitment to prioritizing the consumption of domestically produced goods. He underscored the noticeable improvements in the foreign exchange market following recent interventions by the Central Bank of Nigeria (CBN), including settling a $7 billion foreign exchange debt, alleviating pressure on the Naira.
Tinubu’s directive seeks to galvanize Nigerians into actively supporting local industries across all sectors to enhance the nation’s economic resilience. The president aims to elevate citizens’ purchasing power, ensuring that every Naira earned holds greater value, both domestically and internationally.
Moreover, Tinubu emphasized the sustainability of the current momentum in currency appreciation, assuring Nigerians of continued efforts to reinforce the Naira’s stability. Collaborative policies between the government, regulatory bodies, and the CBN aim to combat malpractices within cryptocurrency trading and parallel foreign exchange markets, yielding tangible results.
In addition to advocating for domestic patronage, Tinubu unveiled plans to empower over 1 million Nigerian micro, small, and medium-scale enterprises through a Presidential conditional grant scheme. This initiative, offering non-repayable grants of up to N50,000 per nano-enterprise, aims to bolster businesses amidst economic challenges.
Addressing concerns about judicial corruption, Ngelale highlighted recent salary increments for judicial officers as part of broader efforts to fortify the judiciary’s integrity. By ensuring competitive remuneration, the government seeks to mitigate corruption’s influence, thereby fostering trust in the judicial system, crucial for both domestic justice and foreign investment.
Tinubu’s vision extends beyond immediate economic measures, encompassing long-term strategies to stabilize the currency and ensure sustainable development. Amidst ongoing discussions regarding a new minimum wage, the government prioritizes currency stability as fundamental to equitable wage structures and socioeconomic progress.
Tinubu’s call to embrace domestically produced goods represents a strategic shift towards economic self-sufficiency and currency stability, underlining the administration’s commitment to fostering prosperity for all Nigerians.