Nigeria’s Currency Stability Hinges on Local Patronage, Says Tinubu
President Bola Tinubu has called on Nigerians to support the economy by purchasing locally-made goods, citing it as a way to strengthen the Naira and boost economic growth. The president’s Special Adviser on Media and Publicity, Ajuri Ngelale, conveyed this message, emphasizing the administration’s commitment to maintaining a strong Naira against the dollar.
Ngelale highlighted the government’s efforts to stabilize the Naira, reassuring Nigerians of sustained initiatives to enhance the currency’s value. He emphasized the importance of changing consumer habits to support locally-produced goods, which would ultimately lead to increased spending power and economic stability.
Recent weeks have seen the Naira experiencing fluctuations, with both official and unofficial markets recording low values against the dollar. This has been attributed to increased demand for foreign exchange and rising prices of goods and services nationwide.
Despite these challenges, the government has implemented various measures to stabilize the Naira, resulting in recent improvements in its value across forex markets. Ngelale expressed optimism that these efforts would lead to greater currency stability in the future.
In addressing Nigeria’s economic challenges, President Tinubu’s administration aims to ensure sustainable strengthening of the Naira to positively impact the negotiation outcomes of the minimum wage. Ngelale emphasized the need for a stable currency to support the new minimum wage and ensure its long-term sustainability.
To further support economic growth, the government has approved initiatives to empower micro, small, and medium-scale enterprises (MSMEs). These include the presidential conditional grant scheme, providing conditional grants to over 1 million Nigerian businesses, and the disbursement of over N150 billion at single-digit interest rates to SMEs.
President Tinubu’s administration is focused on directing lending towards labor-intensive sectors such as agriculture, manufacturing, and construction. This includes approving over N75 billion for large-scale manufacturers across all states to stimulate economic growth and job creation.
Ngelale urged Nigerians to collaborate with relevant agencies to ensure accountability in the public space. He emphasized the collective responsibility of all stakeholders in building a strong and resilient economy for the benefit of all Nigerians.
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