Tinubu’s Govt Targets N1000/$ Exchange Rate, Urges Patronage of Nigerian Goods to Strengthen Naira.

President Bola Tinubu has urged Nigerians to support locally-made products to bolster the value of the naira, as the government intensifies efforts to curb foreign exchange speculation and stabilize the currency.

Speaking through his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, the President highlighted recent measures to fortify the naira, including empowering over one million nano enterprises with free cash transfers of N50,000 each.

Ngelale emphasized the government’s commitment to combating foreign exchange racketeering, which has seen significant improvements in the foreign exchange market due to interventions by the Central Bank of Nigeria.

In addition to urging patronage of Nigerian products, President Tinubu has approved initiatives to support micro, small, and medium-scale enterprises (MSMEs), including a Presidential conditional grant scheme and disbursement of over N150 billion from the Bank of Industry and SMEDAN at single-digit interest rates.

The President aims to prioritize lending towards labor-intensive sectors like agriculture and manufacturing, as well as supporting large-scale manufacturers to protect jobs and stimulate economic growth.

Furthermore, the government is implementing cost-saving measures, such as reducing travel expenditures and imposing a temporary ban on unnecessary foreign travel, expected to save over N5 billion per quarter.

Ngelale stressed the importance of stabilizing the value of the naira to ensure sustainable economic growth and the effectiveness of initiatives like the new minimum wage.

In addition to economic measures, the government is enhancing judicial salaries to curb corruption and improve the credibility of the judiciary, essential for fostering a conducive business environment.

Overall, the President remains committed to implementing comprehensive strategies to strengthen the Nigerian economy and ensure the prosperity of its citizens.

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