Amidst mounting concerns over the depreciation of the Nigerian naira against the dollar, the Federal Government has unveiled plans to raise $10 billion to bolster liquidity in the foreign exchange market.
The announcement came during the inaugural Public Wealth Management Conference held in Abuja, where President Bola Tinubu, represented by Vice President Kashim Shettima, disclosed the ambitious strategy.
The initiative, part of the broader goal to stabilize the economy and enhance foreign exchange reserves, seeks to address the recent record-low exchange rates that saw the naira plummeting to 1,850 per dollar in the parallel market.
Stanley Nkwocha, the Senior Special Assistant to the President on Media & Communications, highlighted the pivotal role of optimal management of government assets and investments in achieving this objective.
Transparency, accountability, and corporate governance were underscored as key principles guiding the initiative, aimed at unlocking revenue potential and fostering economic growth.
President Tinubu emphasized the imperative of doubling the GDP growth rate and expanding the GDP base over the next eight years.
The envisioned capital infusion, sourced through innovative partnerships and alternative investment channels, is earmarked for critical sectors such as education, healthcare, infrastructure, and job creation, particularly for the youth.
However, despite these plans, currency traders continue to grapple with exchange rate volatility, with the naira facing downward pressure against major currencies.
The ongoing forex challenges underscore the urgency of implementing effective measures to stabilize the exchange rate and restore investor confidence in Nigeria’s economic prospects.
As the government moves forward with its $10 billion fundraising drive, the focus remains on addressing the root causes of currency instability while fostering sustainable economic development nationwide.
