President Bola Tinubu has announced plans to introduce a series of measures aimed at revitalizing the economy, following the recent increase in the value of the Naira.
Tinubu attributed the Naira’s appreciation to the successful efforts in curbing the activities of illegal money speculators. This announcement was made by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, during a briefing with state house correspondents.
Ngelale revealed that the government is set to disburse over N150 billion from the Bank of Industry and SMEDAN, offering loans at single-digit interest rates of up to N2 million to numerous small and medium-scale enterprises across all local government areas.
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In a call for unity, Ngelale emphasized the importance of Nigerians supporting locally-made goods and services to bolster the Naira across various sectors. He expressed confidence that the Naira would experience increased stability with the implementation of the new minimum wage.
The President, through Ngelale, urged all Nigerians to participate in efforts to combat individuals attempting to undermine the economy.
The recent fluctuations in the foreign exchange market have been notable, with the Nigerian Naira showing signs of strength against the United States dollar.