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Nigerian President, Bola Ahmed Tinubu has approved measures to strengthen the nation’s currency, ‘Naira’. He called on citizens to actively patronise ‘Made in Nigeria’ products and services across all value chains to sustain the current momentum.
The efforts that President Tinubu has put in place in collaboration with other agencies of government, as well as the Central Bank of Nigeria, in dealing decisively with sharp practices on certain cryptocurrency trading platforms, dealing decisively with sharp practices within the parallel market of the foreign exchange ecosystem are now yielding fruit.
Nigeria witnessed the seismic shifts that have taken place within the nation’s foreign exchange market over the last several days and the strengthening of the Nigerian Naira against the United States dollar. There is a strong intention on this issue that the country needs a strong currency and the spending power for its people to go up.
President Tinubu has approved over one million to empower Nigerian businesses with a conditional grant scheme in which Micro Small and Medium scale enterprises will be supported with the sum of N50,000 per nano enterprise across the 774 local governments. The government is going to ensure that the micro small and medium-scale enterprises in the country have what they need to get through this difficult period. Presidential conditional grant scheme in which over 1 million Nigerian businesses will be empowered with conditional grants this is money they will not have to pay back of up to N50,000 per nano enterprise. With over 1 million Nano enterprises being selected and granted these funds within every local government area of the Federation.
In addition to this, over N150 billion is being disbursed from the Bank of Industry and Small and Medium Enterprise Development Agency while also approved is the single-digit interest rate loans of up to N2 million to hundreds of 1000s of small and medium scale enterprises across all local government areas of the Federation. The President is determined to ensure that the country steers lending toward labour-intensive and including the developing sectors of the economy, ensuring that sectors like agriculture and manufacturing get the bulk of lending moving forward and sectors like construction.
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President Tinubu has prioritized intervention of the sum of N75b to 75 Industries and manufacturing companies with staff strength of over 1000 workers to ensure necessary support is given to such firms thereby expanding their hiring strength.
