FX crisis: Tinubu approves N75 billion for manufacturers while pleading with Nigerians to buy local goods

President Bola Tinubu has emphasized the efforts made to stabilize the Naira against the Dollar, resulting in its gradual appreciation. In order to further strengthen the Naira’s value and alleviate hardship in the country, the President has called on Nigerians to support the initiative by purchasing locally produced goods.

The President’s message was conveyed by his Special Adviser on Media and Publicity, Ajuri Ngelale, during a press briefing at the Presidential Villa in Abuja. The Presidency has acknowledged the positive impact of regulatory measures taken to stabilize the nation’s currency, which are already yielding results.

Ngelale also highlighted the government’s commitment to ending the suffering of the masses. The Tinubu administration aims to prioritize industries and sectors that provide significant employment opportunities for the intervention of the government. As part of this plan, over N75 billion has been approved for distribution to 75 large-scale manufacturers across all states of the federation.

The majority of these interventions will be directed towards manufacturers who employ over 1,000 Nigerians in their facilities and industries. The objective is not only to prevent job losses but also to actively promote job creation and expansion within large-scale industries.

Ngelale emphasized the significant shifts witnessed in the foreign exchange market, with the Nigerian Naira strengthening against the United States dollar. This positive development reflects the ongoing efforts to stabilize the currency and ensure its resilience.

This is undoubtedly the path we have all desired to take. We are fully aware of the seriousness of the situation and understand that now is not the time to relax or celebrate. Instead, it is a time to intensify our efforts, dig deeper, and work harder. That is why His Excellency President Bola Ahmed Tinubu has approved a series of measures to ensure a significant strengthening of the Nigerian Naira against all global currencies.

Firstly, President Bola Ahmed Tinubu wants to make it abundantly clear to our citizens that there has never been a more crucial moment in our history to collectively agree to support and purchase products made in Nigeria across all sectors. We must approach this matter with purpose and determination, aiming for a robust currency and increased purchasing power for our people. We want every naira and kobo earned to hold greater value, not only within our borders but also when we travel abroad. This can only be achieved by actively supporting our local industries.

Furthermore, President Bola Ahmed Tinubu wants Nigerians to fully comprehend that the current momentum in strengthening our currency will not wane. He has implemented measures in collaboration with other government agencies and the Central Bank of Nigeria to address illicit practices in cryptocurrency trading platforms and the parallel foreign exchange market. These efforts are already yielding positive results.

The presidential spokesperson also assured that President Tinubu is committed to enhancing the spending power of the people and addressing the issue of minimum wage. Nigerians can expect the momentum of the Nigerian Naira and its strengthening to continue.

We acknowledge that there will still be some level of volatility, but we are observing a decreasing impact of that volatility. As we move forward with the measures implemented by President Bola Ahmed Tinubu in the foreign exchange market, we anticipate a growing stability.

It is crucial to highlight that President Tinubu is taking decisive action to address the issue of the purchasing power of every Nigerian’s earnings. Additionally, he is working towards establishing a sustainable strength in our currency. This is particularly important when considering the implementation of a new minimum wage, as ongoing negotiations are taking place in response to the inquiries from our citizens.

However, we aim to avoid a situation where the minimum wage remains a constantly shifting target, as it has been historically. If we fail to gain control over the value of our currency and it continues to be volatile and depreciating, any efforts made towards a national minimum wage would essentially be rendered ineffective. Therefore, our focus is on reaching a new minimum wage that is affordable for states and caters to the needs of Nigerian families across the nation.

Furthermore, we strive to ensure that the set minimum wage is sustainable over the long term, based on the stability we aim to achieve for the Nigerian Naira through our current interventions. This is a point that His Excellency Mr. President wants to strongly emphasize today.

We are approaching a period of currency stability, and once the new minimum wage is implemented, it will be sustained over an extended period of time, supported by a stable Nigerian Naira under President Tinubu’s leadership.

Ngelale emphasized that the Tinubu administration will prioritize government intervention for manufacturers who employ a larger workforce.

We are committed to supporting our large-scale industries during this challenging time by not only avoiding layoffs but actively increasing and expanding our workforce.

To alleviate the financial burden on families, the President is taking decisive actions. He is holding the public sector and the Federal Government of Nigeria accountable for responsible spending. This includes significant reductions in travel expenses and implementing a temporary ban on non-essential foreign travel starting from April 1. These measures are expected to save over N5 billion per quarter.

These initiatives are just the beginning of the President’s efforts to eliminate wasteful spending in the public sector. By redirecting these resources, we can ensure that they reach those who are making valuable contributions on behalf of the Nigerian people.