Bola Tinubu, the President, has called upon Nigerians to embrace domestically produced goods as a means to fortify the local currency and invigorate the Nigerian economy. This appeal was communicated via a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, in Abuja on Friday. Ngelale emphasized the President’s commitment to sustaining efforts aimed at bolstering the Naira against the US dollar in various forex markets.
Tinubu underscored the importance of intentional support for Nigerian-made products, emphasizing the desire for a robust currency and enhanced spending power for citizens. He highlighted the significance of every Naira being more valuable, not only domestically but also when utilized abroad. This, he suggested, could be achieved through increased patronage of locally made goods.
Assuring Nigerians of continued efforts to strengthen the Naira, Tinubu expressed optimism regarding the recent appreciation of the currency against the US dollar. He acknowledged the existing volatility but emphasized the diminishing impact, attributing it to interventions initiated by the government in the forex market. Ngelale reiterated Tinubu’s stance, stating the anticipation of sustained momentum in the strengthening of the Naira.
The recent challenges faced by the Nigerian Naira, including its depreciation in both official and unofficial markets, were highlighted. Amidst increased forex demand and rising prices of goods and services, the Naira experienced fluctuations, prompting government interventions to stabilize the currency.
Ngelale discussed ongoing efforts to safeguard the forex market and address speculative activities, resulting in a significant strengthening of the Naira across authorized and unauthorized forex platforms. Notably, the Naira recorded positive gains in official market data published by FMDQ and witnessed reduced trading values in the parallel market.
Regarding the minimum wage negotiation, Tinubu emphasized the importance of a stable currency, asserting its significance in ensuring the sustainability of wage adjustments. He stressed the need for a robust and enduring minimum wage, which aligns with the government’s efforts to stabilize the Naira.
Tinubu’s administration is committed to supporting micro, small, and medium-scale enterprises (MSMEs) during this challenging period. Initiatives such as the presidential conditional grant scheme and disbursement of loans at favorable interest rates aim to empower businesses across various sectors. Additionally, lending initiatives prioritize labor-intensive sectors like agriculture, manufacturing, and construction.
Ngelale urged collaboration among Nigerians and relevant agencies to promote accountability and combat malicious activities impacting the public space. He emphasized the collective responsibility in safeguarding Nigeria’s economic interests and urged proactive engagement in addressing challenges affecting the nation.
