Thursday, April 18, 2024

FG Sets Aside N75bn to Support Local Manufacturers

As part of efforts to tackle the present cost of living by Nigerians, the Federal Government has set aside N75bn to support the manufacturing enterprises.

This was disclosed Saturday evening by the Minister of Labour and Employment, Barrister Nkeiruka Chidubem Onyejeocha on the occasion of NDE’s special day at the ongoing 45th Kaduna International Trade Fair.

The Minister represented by her Special Assistant, Administration, Barrister, Paul Abuluba affirmed that the administration of President Bola Ahmed Tinubu had embarked on urgent actions to reverse the poor trend of the economy.

Rising Costs Pose Threat To Manufacturers- MAN

According to the Minister, “President is hinged on the commitment to explore the full potential of the Nigerian economy by focusing on job creation, access to capital for macro, small and large businesses, the rule of law and the fight against hunger, poverty, and corruption.”

The minister also noted; “The President is not unmindful of the hardships most Nigerians are enmeshed in, however, the difficult times are indeed temporary but the benefit will be permanent.

To this end, she said in recent times, the Federal Government had engagements with economic stakeholders especially manufacturers and entrepreneurs across Nigeria.  

“I am happy to let you know that we are tackling, with unprecedented boldness and decisiveness, each and every one of the issues. The government’s focus on foreign exchange is to abolish the unwieldy and much-abused rate regime, setting the foundation for transparent price discovery and all other elements required to attract substantial inflow into a properly run official market.

“The President has ordered the creation of a new single-digit interest-rate fund to provide N75 billion to support manufacturing enterprises, among other targeted financial interventions. The Central Bank, now under new management, is back to prioritizing its core mandates of inflation management and exchange rate stability.”

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