.Douses fear over naira scarcity
Olawale Ajimotokan in Abuja
The federal government has assured Nigerians that the reforms initiated by President Bola Tinubu across the various sectors of the economy are already sowing the seeds of transformative change ahead of 2024.
The Minister of Information and National Orientation, Mohammed Idris, delivered the message of hope and optimism yesterday at a World Press Briefing to showcase the achievements of the administration in 2023.
He assured Nigerians that they should expect to see impacts of the ongoing reforms, which he said are not instantaneous miracles, but deliberate steps towards building a stronger and more prosperous Nigeria.
Idris also noted that in the economic realm, initiatives aimed at creating jobs, attracting investments and fostering sustainable growth were already taking root, assuring Nigerians that from next year, they will witness the tangible outcomes of these efforts, with increased economic opportunities, improved infrastructure, and a business environment conducive to innovation and prosperity.
“President Tinubu’s dedication to addressing insecurity and creating a safer nation is steadfast. The reforms implemented in this regard will contribute to restoring peace and security, fostering an environment where citizens can pursue their aspirations without fear.
“As we look ahead, let us embrace the spirit of hope and resilience. Change takes time, but every step forward is a testament to the progress we are making as a nation. The journey towards a better Nigeria is a collective endeavor, and your support and optimism are invaluable in this transformative process.
“Let us move into 2024 with hope in our hearts, knowing that the reforms of President Tinubu are laying the foundation for a brighter and more prosperous future for all Nigerians,” Idris said.
The minister said that President Tinubu’s shuttle diplomacy tofoster international partnership and attract the needed foreign direct investments to the country and enhance the overall prosperity of the citizens has started to bear fruits.
He said the expressions of interest from various quarters to invest in key sectors of the economy had not only highlighted the country’s potential but have also demonstrated its commitment to being a responsible and collaborative player in the global community.
The minister said government has begun to see the tangible impact of these efforts with well over $15 billion in pledges of Foreign Direct Investments (FDIs), in energy, steel, defence, automotive, and other sectors.
“The inflow of foreign investments is poised to contribute to infrastructure development, enhancing our petroleum refining capacity, technology transfer, and the overall advancement of key sectors, further solidifying Nigeria’s position on the global economic stage.
“In addition to the pledges, investors are already taking action. For example, a month ago, one of the largest pharmaceutical companies in Japan broke ground on a new multi-million-dollar manufacturing plant in Ogun State, the first such investment by the company in Africa,” Idris said.
He added that the Central Bank of Nigeria has commenced efforts to clear the billions of dollars in inherited foreign exchange backlog in order to further boost investor confidence in the economy.
He said the apex bank, under the Renewed Hope Agenda is determined to focus on its core mandates of price stability and financial system stability, for the benefit of all Nigerians.
He also said government was aware of the public outcry about scarcity of Naira notes, saying it was not a deliberate policy. He said was already working towards ameliorating in the concern.
“New notes and more will be produced and Nigerians will have more Naira to spend. It is not a deliberate policy to stifle Nigerians or take Naira out of Nigerians like during the Emefiele days. That is not the case. It is a process, perhaps that the CBN is undertaking that has created that temporary shortfall and we are hoping that as we go into the New Year we will see a more robust supply of the Naira note,” Idris said.
