Nigeria’s President, Bola Tinubu assured Nigerians that the Nigerian economy must recover for the greater good of Nigerians.
Tinubu added that his administration is committed to steering the economy towards the right path, against the backdrop of reduced energy consumption following a series of reforms.
He disclosed this at a meeting with the Board of Trustees of the All Progressives Congress (APC) Professionals Forum led by former Bauchi State Governor, Malam Isa Yuguda in Abuja.
Recovery
Tinubu noted that every effort across sectors would be documented and periodically reviewed for performance verification and public presentation, which he says would steadily ensure growth and enhanced public enlightenment on policy outcomes, adding:
- “This economy must recover for the good and greatest number of Nigerians, and we are seriously committed to seeing through a change for the better.
- “So far, we have taken some baby steps and pushed some aggressive positions,”
Yuguda said more than two million people had been registered as professionals in different fields since 2018 and were ready to provide structures for mobilisation and sensitization of Nigerians on government policies.
- “Foreign capital is a coward that does not move into unsafe areas, so with your successful interventions so far, we look forward to better security that will attract investors,”
Time running out
Nairametrics recently reported that Time is running out for President Tinubu to wake the sleeping naira The purchasing power of the local currency is shrinking to the point where holding the naira is becoming an abomination.
The naira fell to an all-time low of 950 naira to a dollar on the parallel market on Friday morning, as FX traders bet against the naira.
In the face of a huge shortage of money supply compared to demand, especially with a backlog of unmet demand for currency estimated at more than $2 billion, currency illiquidity in the market continues to impact supply in a country that relies heavily on imported goods and services
- “Data from the FMDQ exchange showed the spot exchange rate for the local currency to stand at N781.34 at the counter for investors and exporters, while NAFEX rose 0.71% to close at N775.08 /$
- “Another valid reason, which is also the cause behind the deep depreciation of the naira, is that the supply of dollars in the economy has decreased while the demand for dollars has remained relatively unchanged due to the huge demand for dollars in the economy.
Meanwhile, The latest oil report data released by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) revealed that production has fallen to a monthly low, Nigeria’s crude oil production fell to 1.29 million barrels per day (bpd) in July, according to the latest report from the country’s oil regulator
