Tinubu’s Strategy: strengthening naira, boosting local manufacturing, Cutting Costs

President Bola Tinubu has unveiled a strategic plan aimed at stabilizing the Naira against the Dollar through sustained efforts to curb forex volatility in Nigeria.

Addressing journalists at the Presidential Villa in Abuja, Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, emphasized the importance of supporting locally produced goods to bolster the Naira’s value and alleviate economic challenges in the country.

Ngelale highlighted the proactive steps taken by the regulatory body to reinforce the nation’s currency, which have begun yielding positive outcomes. As part of the administration’s commitment to alleviate hardship, Tinubu’s team has allocated over N75 billion to be disbursed to 75 large-scale manufacturers nationwide, prioritizing those industries employing over 1,000 Nigerians each.

The objective is to not only safeguard jobs but also stimulate employment growth amidst economic uncertainties. Tinubu’s administration aims to increase the spending power of citizens while addressing issues such as the minimum wage.

Read also

• 
  Premier movie of MAKEMATION, an AI movie for the youth
• 
  SEC, SMEDAN collaborate to boost small business access to capital markets
• 
  SMEDAN, Kwara governor discuss joint strategy to support MSMEs nationwide
• 
  Oratib Insurance Consulting marks 15 years of trusted service in insurance advisory
• 
  Senegal calls on ECOWAS to boost foreign investment drive
  

Ngelale assured Nigerians of continued efforts to stabilize the Naira, emphasizing the importance of sustainable economic policies for long-term stability.

Furthermore, Tinubu’s administration is implementing cost-saving measures in the public sector, including a temporary ban on non-essential foreign travel from April 1, expected to save over N5 billion per quarter.

These initiatives are geared towards redirecting resources to essential services and supporting endeavors benefiting the Nigerian populace.

Ngelale stressed the importance of patronizing made-in-Nigeria products, underscoring Tinubu’s commitment to strengthening the Naira and supporting local industries.

He emphasized the need to prioritize large-scale manufacturers, ensuring they have the necessary support to sustain operations and employment levels.

In conclusion, Ngelale reiterated Tinubu’s dedication to ensuring a stable currency, empowering Nigerian businesses, and optimizing government spending for the benefit of all citizens.