President Tinubu Urges Nigerians to Embrace Made-in-Nigeria Products to Sustain Naira Gains
President Bola Tinubu has called on Nigerians to support locally made products and services as a means to maintain the recent positive trends of the naira in the foreign exchange market.
In a statement delivered by his Special Adviser on Media and Publicity, Ajuri Ngelale, during a State House briefing, Tinubu emphasized that despite the recent appreciation of the naira against the dollar, there is still work to be done to ensure its stability.
Since assuming office ten months ago, Tinubu's administration has implemented significant policy changes, including the removal of petrol subsidies and the unification of foreign exchange rates. However, these measures initially led to currency instability and economic challenges for citizens.
Ngelale highlighted the recent improvement in the naira's value, with it exchanging at N1,382/$ at the official market, but stressed the need for continued vigilance.
Tinubu's interventions include urging citizens to report any activities undermining the local currency and collaborating with relevant authorities to address currency-related malpractices. Ngelale emphasized that this effort requires collective action from all Nigerians to combat illicit practices affecting the nation's economy.
Additionally, the president has imposed a three-month ban on all publicly-funded foreign trips for government officials, aiming to reduce expenses and enhance focus on domestic priorities.
The government also anticipates saving N5 billion quarterly through this measure, redirecting resources towards essential services and initiatives, such as supporting micro, small, and medium-scale enterprises (MSMEs).
Tinubu's administration has approved a Presidential conditional grant scheme to empower over 1 million Nigerian businesses with conditional grants of up to N50,000 per nano enterprise, alleviating the impact of economic challenges on small businesses across the country.
Furthermore, efforts to review the pay structure of judicial officers aim to enhance judicial integrity and foster investor confidence in Nigeria's legal system.
Ngelale reiterated Tinubu's commitment to steering Nigeria through economic challenges while ensuring sustainable growth and prosperity for all citizens.
