The federal government has said that floating the naira by President Bola Tinubu made many firms in Nigeria to begin to source raw materials locally, rather than depending on importation for production.
The government stated that this has eased operations of many firms, checking losses, consequently some of them who declared marginal gain before, had made significant profits in the last one year.
This was disclosed by Presidential aide, Bayo Onanuga, while interacting with Journalists in Lagos on Sunday.
Onanuga said that President Tinubu took the best decision to float the naira to save the economy, stressing that the previous administration was subsidising the exchange rate for many years which was no longer feasible.
He pointed out that the naira floating policy had opened up the economy, especially for entrepreneurs who are now exporting food and several locally made drinks abroad.
“When you devalue your currency, exports become cheaper. Many Nigerians are smiling to the bank now, because they are processing locally sourced foods, drinks and exporting them.
“They are making money, the people who are affected are those on stable salaries,” Onanuga said.
Speaking further, Onanuga implored Nigerians to exercise patience with the reform policies of President Tinubu, since the administration was barely two years in office, while expressing optimism that Nigerians would begin to feel the impact of the current administration policies soon.
On subsidy removal, he stated that the decision was taken by the previous administration, noting that liberation of the sector led to market force determining the price of petrol which all Nigerians were benefitting now.
BusinessDay
