Federal Government Sets $10 Billion Target to Boost Forex Liquidity

In a bid to stabilize the nation’s currency, the Federal Government has announced a target of raising $10 billion to bolster foreign exchange liquidity. President Bola Tinubu, speaking at the inaugural Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MOFI) in Abuja, outlined plans to unlock the value of Nigeria’s vast public assets, aiming to double the country’s Gross Domestic Product (GDP) and create millions of jobs.

Represented by Vice President Kashim Shettima, Tinubu highlighted the potential of government-owned assets worth trillions of naira, emphasizing the need for optimal management to maximize returns. He underscored the importance of transparency, accountability, and innovative partnerships in attracting alternative investment capital to increase returns.

Tinubu emphasized that the initiative aimed not only at revenue generation but also at fostering inclusive and sustainable growth. By efficiently managing public resources, the government aims to build a more equitable society and unleash the full potential of its citizens.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, echoed Tinubu’s sentiments, assuring that the government was deploying appropriate mechanisms to address challenges. He also announced measures to combat food inflation, including the release of 42,000 metric tons of assorted grains, with more to follow.

Dr. Shamsudeen Usman, Chairman of the MOFI Board, pledged a more active role in asset management, urging cooperation from stakeholders to optimize strategic assets and unlock Nigeria’s full potential for a brighter future.