President Bola Tinubu has announced plans to implement various measures to boost the economy following the recent strengthening of the Naira. The President’s administration aims to capitalize on the positive trend in the foreign exchange market by curbing illegal money speculation.
In a statement to statehouse Correspondents in Abuja, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, highlighted the significant improvements in the value of the Naira against the US dollar. President Tinubu has approved interventions to further enhance the Naira’s value against global currencies.
Ngelale emphasized the importance of supporting local industries and products to stimulate economic growth. The President urged Nigerians to prioritize purchasing Nigerian goods to bolster the economy and increase the value of the Naira.
Furthermore, President Tinubu has introduced initiatives to empower micro, small, and medium-scale enterprises. The Presidential Conditional Grant Scheme will provide financial support to over one million Nigerian businesses, with a focus on nano enterprises in every local government area.
Additionally, the government has allocated funds to support construction and manufacturing sectors that employ a significant number of Nigerians. Over N75 billion will be dispersed to large-scale manufacturers across the country to safeguard jobs and encourage expansion.
In a bid to enhance service delivery and combat corruption, the President approved a new remuneration package for the judicial arm of government. This move aims to improve the efficiency of the judiciary and instill confidence in the legal system for both local and international investors.
The positive impact of the Naira’s appreciation is expected to influence the upcoming minimum wage review in April. The government is committed to establishing a sustainable minimum wage that addresses the needs of Nigerian families while ensuring long-term stability in the currency.
President Tinubu’s administration is dedicated to implementing strategic interventions to strengthen the Nigerian economy and promote sustainable growth for the benefit of all citizens.
