FX Crisis: Tinubu Urges Nigerians To Buy Local Goods, Allocates N75bn For Manufacturers

FX Crisis: Tinubu Urges Nigerians To Buy Local Goods, Allocates N75bn For Manufacturers

President Bola Tinubu has attributed the gradual appreciation of the Naira against the Dollar to sustained efforts to curb forex volatility in Nigeria……READ ALSO Presidency: Tinubu Approve State Police, Forest Guards

Tinubu, speaking through his Special Adviser on Media and Publicity, Ajuri Ngelale, called on Nigerians to bolster this progress by supporting locally made products, aiming to fortify the Naira’s value and alleviate hardship nationwide.

Ngelale addressed journalists in Abuja, highlighting the government’s commitment to end mass suffering. He emphasized prioritizing industries and sectors that employ large numbers of people for government intervention.

To this end, Tinubu approved over N75 billion for disbursement to 75 major manufacturers nationwide. Priority will be given to manufacturers employing over 1,000 Nigerians in each facility.

The objective is to ensure these large-scale industries not only retain their workforce but actively expand it during challenging times.

Ngelale stressed the importance of prudent spending and waste reduction in the public sector. Tinubu’s administration aims to cut down on unnecessary foreign travel, expecting to save over N5 billion per quarter.

These measures are part of a broader strategy to redirect resources toward essential services and support sectors crucial for economic growth.

Tinubu’s administration seeks sustained stability in the currency and is actively negotiating a new minimum wage. The goal is to establish a wage that is both affordable for states and sustainable over the long term, contingent upon a stable Naira.

The President emphasized that stability in the currency is paramount for the effective implementation of policies aimed at improving the livelihoods of Nigerians.

In conclusion, Tinubu’s government urges Nigerians to prioritize locally made products, supports large-scale manufacturers, and remains committed to ensuring economic stability and prosperity for all.