President Bola Tinubu has called on Nigerians to support and patronize made-in-Nigeria products and services to sustain the recent gains of the naira in the foreign exchange market.
Tinubu emphasized that while the recent appreciation of the naira against the dollar is a positive development, it is crucial for citizens to continue supporting local industries to maintain this progress.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, delivered Tinubu’s message during a State House briefing on Friday. Tinubu highlighted the importance of collaboration from citizens and urged them to report any practices that undermine the local currency.
Tinubu’s administration took significant steps to address economic challenges, including discontinuing subsidies on petrol and unifying foreign exchange rates. Although these measures initially led to some instability in the value of the naira and increased hardship for Nigerians, recent efforts have resulted in a steady climb in the naira’s value against the US dollar.
Ngelale underscored the significance of a stronger naira for working citizens, particularly with the impending implementation of a new minimum wage. He emphasized the need for collective action to protect the value of the currency and urged Nigerians to actively support made-in-Nigeria products across all sectors.
To further strengthen the naira, Ngelale highlighted the collaborative efforts between the Central Bank and other government agencies in addressing sharp practices in the foreign exchange market. He urged citizens to report any illicit activities and emphasized the importance of collective responsibility in combating economic challenges.
In addition to promoting made-in-Nigeria products, Tinubu’s administration implemented measures to reduce government spending and improve fiscal discipline. A three-month ban on all publicly-funded foreign trips for government officials is expected to save the government billions quarterly. This initiative aims to reduce unnecessary expenses and ensure that officials focus on their mandates for effective service delivery.
Furthermore, Tinubu’s administration introduced various support schemes to empower micro, small, and medium-scale enterprises (MSMEs) across the country. These include conditional grant schemes, single-digit interest rate loans, and interventions for large-scale manufacturers to protect jobs and stimulate economic growth.
The Presidential Spokesman also highlighted the administration’s commitment to enhancing the judicial system to promote transparency and accountability. Recent reviews of the pay structure for judicial officers aim to reduce corruption and ensure a fair and efficient legal framework for businesses.
Overall, Tinubu’s administration is focused on implementing policies and initiatives to strengthen the economy, empower MSMEs, and protect jobs. By promoting made-in-Nigeria products and implementing prudent fiscal measures, the government aims to sustain the recent gains of the naira and foster economic resilience and growth.
