The Nigerian government is actively seeking a $10 billion injection to combat its currency crisis, aiming to enhance the foreign exchange market's liquidity amid the Naira's drop to a record low of N1850/$1. Vice President Kashim Shettima, representing President Bola Tinubu, announced the strategy during the inaugural Public Wealth Management Conference in Abuja. The plan includes asset management improvements to address economic challenges.
Stanley Nkwocha, Senior Special Assistant to the President on Media & Communications, emphasized the initiative's goal to bolster foreign exchange liquidity to stabilize the Naira and foster economic growth. He highlighted the significance of managing federal assets effectively to expand Nigeria's GDP. "At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential," Nkwocha stated, outlining ambitions to double GDP growth and increase the GDP base within eight years.
The approach also focuses on enhancing transparency and accountability to boost returns through better corporate governance and innovative partnerships, aiming to fund essential services and stimulate economic development and job creation. Amidst these efforts, the Naira's value continues to struggle, recently surpassing the 2000 mark against the British Pound.
Source: africa.businessinsider.com