President Bola Tinubu Advocates for strengthening the Naira through Local Patronage and Economic Intervention

 

In a significant move to bolster the Nigerian Naira and sustain recent progress against the Dollar, President Tinubu through his special adviser  Ajuri Ngelale has called upon Nigerians to actively support locally made products and services across various sectors. The call comes amidst a steady appreciation of the Naira against the US Dollar, closing at N1,382 to a Dollar in the official market on Thursday.

President Tinubu emphasized the critical need for intentional patronage of Nigerian-made goods and services, highlighting the importance of enhancing the country’s currency and the purchasing power of its citizens. He stressed that this collective effort is pivotal not only for domestic economic stability but also for strengthening Nigeria’s position globally.

In alignment with this vision, the government is intensifying efforts to combat illicit activities in Cryptocurrency and Forex markets. Citizens are encouraged to report fraudulent practices as authorities implement stricter measures to safeguard the financial sectors integrity.

Furthermore, the administration is rolling out interventions to support Micro, Small, and Medium Enterprises (MSMEs) with grants and loans, particularly focusing on agriculture and manufacturing sectors. The President announced the approval of the Presidential Conditional Grant Scheme, empowering over 1 million Nigerian businesses with conditional grants up to N50,000 per Nano Enterprise. Additionally, more than 150 billion Naira is being disbursed through the Bank of Industry and Small and Medium Enterprises Agency of Nigeria (SMAN) to provide single-digit interest rate loans of up to 2 million Naira to hundreds of thousands of MSMEs nationwide.

Speaking on these initiatives, President Tinubu reaffirmed his commitment to ensuring the resilience of Nigerian businesses during challenging times. He emphasized the importance of supporting Micro, Small and Medium Scale Enterprise across all local government areas, thereby fostering economic growth and job creation at the grassroots level.

The President’s message underscores a strategic approach towards economic sustainability, urging Nigerians to unite in advancing the nation’s economic interests through conscious consumer choices and robust government interventions