In a recent statement by Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, President Bola Tinubu has announced a series of measures aimed at reviving the Nigerian economy. These measures are expected to be implemented in line with the recent appreciation of the Naira against other global currencies.
According to Ajuri, the recent strengthening of the Naira is due to the government’s efforts to curb the activities of illegal money speculators. The President has therefore approved a range of interventions to ensure that this trend continues.
One of the key interventions is the Presidential Conditional Grant Scheme, which will empower over one million Nigerian businesses with a grant of up to 50,000 Naira per nano enterprise. This is money they will not have to pay back, and it will be granted to over one million nano enterprises within each local government area of the federation.
In addition to this, over 150 billion Naira has been dispersed from the Bank of Industry, with single-digit interest rate loans of up to 2 million Naira given to small and medium-scale enterprises across all local government areas of the federation.
For the construction and manufacturing sectors of the economy that employ more than 1,000 Nigerians, a facility will be given to encourage and boost employment. The President has approved over 75 billion Naira to be dispersed to 75 large-scale manufacturers across all states of the federation.
Furthermore, the President has approved a new remuneration for the judicial arm of government. This is aimed at reducing the impact of corruption within the judiciary system. It will also ensure that businesses have a judicial system that they can trust concerning any litigation that can arise from business practice.
The President is also seeking to encourage Nigerians to imbibe the culture of purchasing Nigeria-made products across all value chains. This is expected to help deepen the efforts to strengthen the Nigerian Naira against all other global currencies.
In conclusion, the President’s interventions are expected to ensure that the spending power of Nigerians goes up and that every Naira and Kobo earned becomes more valuable not just in Nigeria but also when traveling abroad. The President has urged every Nigerian to join in this effort of turning the tide against unscrupulous citizens working to undermine the economy.
