FG Approves Measures To Strengthen Naira, Support Business

President Bola Tinubu has unveiled a series of interventions to stabilise the national currency.
Presidential spokesman Ajuri Ngelale disclosed this to State House correspondents at the Presidential Villa yesterday.
According to him, Tinubu wants all Nigerians to intentionally purchase made-in-Nigeria products across all sectors to support the naira’s momentum.
He also said the government was cracking down on sharp currency trading practices that previously undermined the naira.

To ease the burden on businesses and families, Ngelale said Tinubu approved several major financial support measures which include a presidential conditional grant scheme providing over 1 million nano-enterprises with up to N50,000 grants they don’t have to repay

Also, a N150 billion in single-digit interest loans up to N2 million for hundreds of thousands of small and medium enterprises
He said N75 billion for 75 large manufacturers employing over 1,000 people each to protect and increase hiring.

He said; “I’m certain that everyone seated here and indeed Nigerians at large have witnessed the seismic shifts that have taken place within the nation’s foreign exchange market over the course of the last several days and the strengthening of the Nigerian Naira against the United States dollar.
“This is clearly the direction all of us have wanted to heading.
And we are very sober to the fact that this is no time to rest or to clap.

“One, His Excellency, President Bola Ahmed Tinubu wants to communicate very clearly to our people, that there has never been a more important time in our history to actively agree together. That we will patronize and purchase made in Nigeria products across all value chains across all sectors,” he said.