Tinubu unveils plan on fixing the economy

…Vows to unify exchange rate


President Bola Tinubu has highlighted the need for a unified exchange rate and reduction in interest rates to drive investment in the country.

President Tinubu, in his inaugural speech, said the Central Bank of Nigeria, CBN, must work towards a unified exchange rate.

According to him, this will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

He described interest rates as too high, and therefore “needed to be reduced to increase investment and consumer purchasing in ways that sustain the economy at a higher level.

He noted that the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.

President Tinubu who noted that the policy shall be reviewed pointed out that in the meantime, his administration will treat both currencies as legal tender.

Tinubu said his administration will target a higher Gross Domestic Product growth rate and significantly reduce unemployment.

According to him, this can be achieved through budgetary reform , industrial policy to promote domestic manufacturing , increase in power transmission and distribution networks improved, amongst others.

Speaking on investment policies, Tinubu stated that he would work to attract more investors, both local and foreign.

He also ptomised that his government shall review all their complaints about multiple taxation and various anti-investment inhibitions.

On jobs creation, the President said his administration must create meaningful opportunities for the youth by honouring his campaign commitment of one million new jobs in the digital economy.

In the meantime ,President Tinubu, has promised to boost the nation’s economy through an industrial policy that will utilise the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

He also assured local and foreign investors that his government will review the menace of multiple taxation and other anti-investment inhibitions.

According to him, on the economy, his administration targets a Gross Domestic Product growth of 6 per cent and significantly reduce unemployment.

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