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Nigeria aims to raise $10 bln to boost forex liquidity, support naira value

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In a bid to enhance liquidity in the foreign exchange market and address the recent decline of the naira, the Federal Government is strategically planning to raise $10 billion, according to the Vice President Kashim Shettima.

The statement by the vice president came on the heel of fresh depreciation of the local currency as the naira experienced an all-time low of N1,850 per dollar in the parallel market.

President Bola Tinubu, represented by Vice President Shettima, revealed this initiative at the inaugural Public Wealth Management Conference in Abuja.

The event, themed “Championing Nigeria’s Economic Prosperity,” was organised by the Ministry of Finance Incorporated.

Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, explained in a statement, “The Federal Government set a goal to raise at least $10 billion to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.”

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Nkwocha further highlighted the government’s overarching objective of optimal management of assets and investments to unlock their revenue potential.

This ambitious plan is centred on doubling the GDP growth rate and significantly expanding the GDP base over the next eight years.

President Tinubu underscored transparency and accountability as fundamental principles, envisioning that enhanced corporate governance, innovative partnerships, and attracting alternative investment capital would lead to substantial returns.

These improved returns, in turn, will be directed towards funding critical sectors such as education, healthcare, housing, power, roads, and other areas crucial for poverty alleviation and sustainable economic development, including job creation for the youth.

Stay tuned for updates as this forex-focused initiative unfolds, reshaping Nigeria’s economic landscape.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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