See the black market Dollar to Naira exchange rate for 8th August, below. You can swap your dollar for Naira at these rates.
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1605 and sell at N1615 on Thursday 8th August 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1605
Selling Rate
N1615
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1591
Selling Rate
N1592
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Enugu – In an effort to eradicate poverty and hunger in the state through the training and empowerment of over 40 thousand youths and women annually, the Enugu State Government has successfully trained and graduated over 3000 people on different skills, including food processing, food packaging and food preservation for local markets as well as export purposes.
This was even as the Ministry of Human Development and Poverty Eradication disclosed that it had concluded plans to empower more residents of the state on several business skills that would enable them earn a living and support their families.
Speaking during the graduation ceremony held recently at the Enugu State Science, Technical and Vocational Schools Management Board Center at Independence Layout, Enugu, the Commissioner for Human Development and Poverty Eradication, Dr. Malachy Agbo, explained that the State Governor, Dr Peter Mbah, had during his campaign, promised to eradicate poverty in the state by 2031, adding that the training was a follow-up to the bigger programme of the administration to empower the people with life-changing skills and strategies to raising their standard of living.
According to him, the training which would come in phases, will include accessing information, skills training and online marketing that will assist participants to harness, process and package the state agricultural products within local markets and for export earnings.Dr Agbo, who called on the participants not to take the seminar for granted, stressed that “The training will expand your knowledge and raise the bar of your income which will reflect on your purchasing power and standards of living.
“These important trainings are initiatives of the Governor Mbah administration. They are aimed at changing your economic status. However, the structure is significant because it’s set up to first change your attitude by teaching you how to work and make a living. It’s a sustainable measure that you will always carry the technical-know-how or the knowledge with you. With these trainings, it’s our hope that you can now do things differently.
“It is the goal of our administration not only to move our gross domestic product from $4.4 billion to $30 billion, but to also eradicate poverty from the state. The government is being intentional in working towards the target. In our first year in office, the administration of Governor Mbah was able to train and empower over fifty thousand residents, including farmers, artisans, youths and women on modern skills such as digital skills, financial technology, food processing and packaging skills, among others.
We are glad that they are all doing well in their respective fields, and this year, we are doubling down on our achievements.”The commissioner further emphasized that the training was designed to be strategic with international outlook because trainees were equipped to key into the efforts of the state government to activate the international wing and cargo section of the Akanu Ibiam International Airport, Enugu, which would soon become operational.
Although, Dr Agbo said that the training programme would continue in phases, he admonished the beneficiaries to network and expand their business tentacles with a view to harnessing the full potential of the lucrative market.
My attention has been drawn to numerous articles that Ndigbo are opposed and do not support the present national protests against bad governance and hunger in Nigeria.
This view is wrong and it is tainted with ignorance. Ndigbo support the ongoing national protests. Ndigbo more than any other ethnic group in Nigeria are opposed to bad governance in Nigeria.
Ndigbo are a politically dynamic ethnic group in Nigeria. Look at the records. Ndigbo have five States in the South East Region. Abia is Labour Party, Anambra is APGA, Ebonyi is APC, Enugu is PDP and Imo is APC. No other zone is as politically dynamic as the South East. This clearly suggests that Ndigbo struggle to have elections in the South East more than any other region in Nigeria. No other group has this record.
Several zones are already one party zones. Most zones have not witnessed any real election since 1999.
Ndigbo have shown a huge capacity for resistance in Nigeria at least in recent times. Here is the record.
Buhari as military or civilian leader in Nigeria disliked Ndigbo. In his Supreme Military Council of 1984 to 1985, no Igbo man was accommodated. He didn’t hide his dislike for Ndigbo. In return Ndigbo denied him votes in 2003, 2007, 2011 and 2014. As a sitting President Buhari refused to make peace with Ndigbo. In 2019 in his second term bid, Ndigbo denied Buhari votes to balance the mutual dislike.
No ethnic group in Nigeria battled a sitting President the way Ndigbo battled Buhari. To crown the resistance Ndigbo voted against Buhari’s candidate and political party in the 2023 elections. Ndigbo are never afraid of resistance. Ndigbo were victims of Indirect Rule during colonial rule.
They contributed massively in the struggles against colonial rule. Records have it that the British resented Igbo opposition greatly. When NPC governed Nigeria, Ndigbo supported NCNC. When Gowon and his military gang committed genocide against South East people, Ndigbo fought back for about three years.
From 1979 to 1983, when NPN governed Nigeria Ndigbo voted NPP. When the South West in 1999 voted against Obasanjo by supporting Olu Falae, Ndigbo voted massively for Obasanjo. The records are there.
Ndigbo have never shied away from resisting bad government and oppression. They naturally support the present protests in Nigeria against hunger and bad governance through other means.
The only difference is that they have been involved in the protests against bad governments longer than all other ethnic groups in Nigeria. Ndigbo have developed a more civilised form of protests against bad government and hunger in Nigeria. The model is called SIT-AT-HOME.
They have observed this Sit-At-Home model of protests for more than nine years while the rest of Nigeria looked the other way.
On August 1 when the protests against bad governance and hunger in Nigeria started, the five states of the South East observed one hundred percent Sit-At-Home protest.
The advantage of Sit-At-Home is that it protects lives and property. It exposes the weaknesses and emptiness of a dictatorial government. It helps the protester to clearly take back the power given or stolen by the government.
I appeal to the rest of Nigeria to copy, emulate and join the South East in adopting the Sit-At-Home approach as a Nigerian national model of protest. It is excellent and effective if properly organized and executed.
I support the protests. South East supports the national protests. Ndigbo sat at home and protested with their absence from the roads, markets, businesses, offices and worship centres.
We denied our detractors the opportunity to kill, injure, arrest, detain, and imprison us. We denied them the opportunity to destroy and loot our stores, shops and businesses using hired thugs.
On August 1, detractors and oppressors of Ndigbo joined the mass of Ndigbo to support and celebrate ‘sit at home’ by shouting that everywhere in the South East was calm, quiet and peaceful. It was a peace of the grave yard. It is the new model of protest in Igboland. This is the cool and lovely method of Igbo protests.
The sit at home of August 1 was a sweet victory for the genuine people and leaders of Ndigbo not their detractors who oppose sit at home. Governors, ministers, national and state assembly members who opposed sit at home embraced it as their success on August 1. No!
It was the vintage mass of Ndigbo. Forward with sit at home as a model for protests in Nigeria.
Hon Uche Onyeagucha, a former federal lawmaker and also former Secretary to the Imo State Government, wrote in from Umuagam Obinze
As part of his commitment to food security, agro-industrialization, and the development of Micro, Small, and Medium Enterprises (MSMEs), the Governor of Enugu State, Dr. Peter Mbah, has flagged off the distribution of inputs and grants valued at over N4.6 billion to farmers, communities, and IT startups across the state.
During the symbolic flag-off at Okpara Square in Enugu on Thursday, Mbah emphasized the importance of nurturing small-scale entrepreneurs as essential drivers of sustainable growth, highlighting the need to provide key resources since they are the backbone of economic development.
“Consequently, 12,000 small-holder farmers would each receive one bag of fertiliser, which the federal government had graciously donated to all states.
“In addition, we would be giving out 51 power tillers worth N2m each to farmers from across farming clusters in Enugu State.
“We are also flagging off today the distribution of agricultural inputs to 1,251 beneficiaries across the 17 local government areas. These inputs include rice and bean seedlings, cassava stems, organic fertilisers, herbicides, among others,” Mbah stated.
In addition, he said that the administration would be carrying out an extensive revamp of a number of rural roads to facilitate a better road network and ensure that the farming clusters springing up across the rural belt of the state did not exist as isolated units.
Mbah put the support to MSMEs at N1bn with women-owned enterprises getting 80 per cent of the entire sum.
“The value of our entrepreneurship intervention programme being flagged off today is N1bn. This includes the disbursement of N60,000 to over 16,000 beneficiaries, mostly comprising owners of nano-enterprises on a ratio of 80:20 in favour of women.
“Some may indeed wonder why this wide discrepancy. We recognise that much of the brunt of poverty is borne by women. That explains the extra efforts we put into expanding opportunities for the girl-child and women, especially in our rural communities.
“Still under our MSMEs intervention, we are disbursing N400,000 to 187 beneficiaries. Other initiatives in this regard for flag-off include N7.5m each to 10 tech startups, operational grant for solar equipment to 256 beneficiaries, while items, including laptop computers and POS terminals, will be given out to 269 beneficiaries,” he stated.
The governor added that the state was also waging war against open defecation with a view to ending the menace by the end of 2024.
“We are launching, as well, a water provision and sanitation-enhancing initiative worth N15m across 135 communities. The total value translates to over Two Billion Naira.
“This involves the construction of ultra-modern boreholes, toilet facilities, and provision of power generators. These would be sited in locations like town halls, markets, and schools.”
Earlier in his address, the Commissioner for Agriculture and Agro-Industrialisation, Patrick Ubru, enjoined the farmers and other beneficiaries to reciprocate government’s massive support through prudent application of the inputs and grants to create jobs, trigger revolution in the agricultural industry, and boost the state’s economy.
In his address, the Chairman, All Farmers Association of Nigeria (AFAN), Enugu State Chapter, Romanus Eze, assured the governor that the farmers and other beneficiaries would not disappoint the government.
“We have never had it so good. Therefore, we will not disappoint you. We promise you concrete results, for to whom much is given, much is also expected,” he assured.
While no deaths were recorded from Lassa fever in the reporting week, NCDC noted that 163 deaths were reported in 2024 with a case fatality rate (CFR) of 17.0 per cent, lower than the 17.3 per cent recorded for the same period in 2023.
It stated that 66 per cent of all confirmed cases in 2024 were reported from Ondo, Edo, and Bauchi, while 34 per cent were reported from 25 states.
“In total for 2024, 28 states have recorded at least one confirmed case of Lassa fever across 125 Local Government Areas,” it noted.
Lassa fever
Lassa fever is an acute viral hemorrhagic (excessive bleeding) illness that is transmitted to humans through contact with food or household items contaminated by infected rodents or contaminated persons.
Its symptoms include fever, headache, sore throat, general body weakness, cough, nausea, vomiting, diarrhoea, muscle pains, chest pain, and in severe cases, unexplainable bleeding from ears, eyes, nose, mouth, and other body openings.
Challenges
NCDC, in the report, highlighted some of its challenges in the fight against Lassa fever.
The challenges include the late presentation of cases leading to an increase in CFR, and poor health-seeking behaviour due to the high cost of treatment and clinical management of Lassa fever.
Others are poor environmental sanitation conditions observed in high-burden communities, and poor awareness observed in high-burden communities.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, has said that the surest path to national prosperity is the utilization of Nigeria’s gas resources by the Federal Government.
Ekpo made this statement on Wednesday during his visit to the board and facilities of the Nigerian Content Development and Monitoring Board in Yenagoa.
Ekpo, co-chair of the governing council, noted that Nigeria is endowed with vast natural gas resources, with approximately 209 trillion cubic feet of proven gas reserves.
He stressed the need to harness these resources effectively to drive economic development.
He highlighted President Bola Ahmed Tinubu’s support for the gas sector, with initiatives extending to the entire value chain, including gas development, distribution, and penetration. According to Ekpo, these initiatives are aimed at lowering the cost of living and transportation, and positively impacting every part of the country.
Ekpo outlined key initiatives his ministry is pursuing, including “investments in critical gas infrastructure to support the transportation and distribution of natural gas across the country, promotion of domestic gas utilization for power generation, industrial applications, and transportation, as well as strengthening the capacity of NCDMB to build capacity and enforce local content policies.”
“Other notable initiatives include encouraging and supporting gas-to-power projects to ensure a reliable and sustainable supply of electricity, expanding Nigeria’s capacity to export liquefied natural gas to international markets to generate revenue and position Nigeria as a key player in the global gas market, and strengthening policy and regulatory frameworks governing the sector to create an enabling environment for investment and innovation,” he stated.
Ekpo also mentioned that since 60% of NCDMB’s investments are gas-based, he advised that new projects by the agency should focus on Compressed Natural Gas due to its direct impact on transportation and the cost of living.
He commended NCDMB for its remarkable progress in promoting local content and for constructing the impressive 17-storey headquarters building, which signifies the growth and depth of local capacity.
The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has reiterated Nigeria’s stance against foreign interference in its domestic affairs and highlighted the importance of cordial international relationships.
Tuggar made this known at the briefing of the members of the diplomatic corps on the programme and policies of the Federal Government, in Abuja on Wednesday.
The nationwide #EndBadGovernanceinNigeria protest, which commenced on Thursday, August 1, was in response to the hardship experienced by citizens in the country.
Several major highways were blocked, exacerbating the situation.
The #EndBadGovernance protests, which gained momentum in major cities such as Lagos, Kano, Gombe, Yobe, Borno, Niger, Kebbi, Abuja, and other northern towns, were marked by violence.
In some instances, security officials’ actions were the catalyst for the violence, while in other cases, it has been driven by overzealous protesters or counter-protesters.
Over the weekend, media reports and footage showed EndBadGovernance protesters carrying Russian flags.
In a national broadcast on Sunday, President Bola Tinubu pleaded with the organizers of the nationwide protest to suspend the action as it had gone violent in some states with the attendant loss of lives and destruction of property.
The PUNCH reported on Monday that operatives of the Nigeria Police Force arrested no fewer than 30 EndBadGovernance protesters waving Russian flags in Kano and other states.
Also, one of the flag producers, identified as Ahmed Bello, was arrested with a large quantity of flags in Kano.
The Minister appealed for continued collaboration from the international community to support Nigeria’s efforts in overcoming its current challenges and achieving a better future for all Nigerians.
“While the government continues to work hard through the various reform programs and measures to address the challenges facing Nigeria and Nigerians, it is pertinent to remind us that no nation tolerates foreign interference in its domestic affairs and that of its citizens. Nigeria is not an exception.
“The government would take appropriate action against any foreign entity residing in Nigeria that is found to have directly or indirectly supported the protesters by whatever means or seeks to interfere in the internal affairs of the country.
“Nigeria cherishes and continues to value the cordial relationships that happily subsist between her and your countries and organizations and will not do anything to undermine or take for granted such relationships.
“Indeed, more than any time before now, we solicit your understanding and collaboration in the ongoing efforts of the Federal government in addressing the economic challenges confronting the country, to achieve a better life for every Nigerians at home and abroad,” he explained.
In his address, the Minister of Information and National Orientation, Mohammed Idris, reaffirmed the government’s support for peaceful assembly and freedom of expression while committing to investigating the violence and bringing those responsible to justice.
Idris thanked the diplomatic community for their support and assured that the worst of the unrest is over.
He expressed optimism that the government’s policy interventions would soon yield positive results for the nation.
“I want to assure your excellencies that the Federal Government has launched an investigation into the violence that we have seen in the last one week to identify and bring to justice all those responsible.
“We are committed to preventing the recurrence of such unfortunate incidents in the future. I also want to thank you individually and collectively for your support and understanding during that difficult period.
“I want to assure you that the worst is over, and we can now as a nation march forward to enjoy the fruit of all the policy and programme interventions being implemented. I thank you for your kind attention,” he stated.
Organizers of the ongoing #EndBadGovernance protest have announced a three-day mourning period to honor the memories of their fallen colleagues who were killed by security agents during the protests.
The mourning period commences today, Wednesday, 7 August and ends on Friday, 9 August with a public symposium and candlelight procession.
In a statement by Hassan Soweto, Ayoyinka Oni and Adegboyega Adeniji, on behalf of the #EndBadGovernanceInNigeria Organizing Committee, Gani Fawehinmi Freedom Park, Ojota, Lagos State, the organizers said the decision to declare a mourning period comes after a series of violent attacks on peaceful protesters by police and thugs allegedly sponsored by the state.
“Arising from a closed-door organizer’s meeting today, Tuesday, 6 August 2024, we have declared three days of mourning in Lagos State to honor our fallen colleagues across the country who were killed by trigger-happy police and security agents during the ongoing #EndBadGovernance protest. The three days of mourning will commence on Wednesday, 7 August, with an X Space and end on Friday, 9 August 2024, with a public symposium and candlelight procession.
We hereby urge all Nigerian people and youth who support the struggle against hunger and hardship to do everything they can on a personal level to observe these three days of mourning, which may include wearing black attires as they go out, putting up graphics of the movement on their social media profiles, as well as other individual acts to show solidarity with our fallen heroes,” the statement read in part.
The protest organizers encouraged Nigerians to join collective actions, such as the X Space happening on Wednesday, as well as the public symposium and candlelight procession on Friday.
Explaining the rationale for the three-day mourning, they said it was motivated by two things.
“First, the Lagos State government and the Commissioner of Police have made it clear over the course of the past five days that despite assurances to the contrary, they are not in any way prepared to guarantee the right of peaceful protesters to assemble freely without molestation. This explains why, at any slight opportunity, the police at Ojota, as well as at Alausa, have surreptitiously allowed state-sponsored thugs to attack our members and injure them.
“This happened yet again on Monday, 5 August 2024, as the protest closed officially, when a band of thugs armed with various weapons descended on peaceful protesters under the watchful eyes of the police. The same thing happened earlier in the day at Alausa, Ikeja.
“In both incidents, not only did the police not stop the thugs, but police officers also actually participated actively in dispossessing our attacked members of their mobile phones and valuables. This was only the latest in a permanent cycle of low-scale yet scary violent attacks against us once a little chance presents itself,” the statement read.
Given how persistent the attacks have been, the organizers expressed the belief that the police and the thugs were working together to muzzle their voices.
They noted that this has made Ojota unsafe for peaceful protesters hence the decision to re-strategize and consider other forms of engagement to keep the struggle alive until day 10.
They condemned the unprovoked attacks on peaceful protesters and law-abiding Nigerians. They also demanded a public apology from the police as well as the return of all mobile phones and other valuables stolen from protesters by the same police meant to protect them.
Highlighting the second reason for their latest action, the organizers alleged that it was now clear that President Bola Tinubu is on a mission to divide the country and set it aflame so that “he can continue to keep himself and the corrupt privileged clique around him in power.”
Labour Party chieftain Tanko Yunusa has urged President Bola Tinubu to act swiftly on the current socio-economic protests, warning that ignoring the situation could have serious consequences. “Mr President do not sit on that chair and think nothing can happen to you, help the people, do it now before it is too late,”
During an interview on Tuesday, Yunusa highlighted that the protests in the north represent a significant shift towards socioeconomic issues, marking a departure from the traditional focus on ethnicity, tribalism, or religion.
Yunusa stated that “for the first time in the north they are involved in socioeconomic protest.”
Criticizing the government’s response, Yunusa noted that despite a month’s advance notice, “the government did not take precise position and deal with the issue immediately.”
He also condemned the alleged involvement of the President in sponsoring protests, stating, “Mr President has allegedly said to have been sponsoring protests and nobody has threatened or arrested him.”
Yunusa suggested that addressing issues such as fuel prices could have averted the unrest: “Had it been that the government of the day including Mr President had been able to make one single pronouncement to bring the prices of PMS down to 200 naira per liter we possibly wouldn’t have had this protest.”
He concluded by urging the President to act decisively and emphasized the need for immediate action to address the people’s demands.
BROADCAST BY HIS EXCELLENCY BOLA AHMED TINUBU, PRESIDENT AND COMMANDER-IN-CHIEF OF THE ARMED FORCES OF THE FEDERAL REPUBLIC OF NIGERIA ON THE NATIONWIDE PROTEST DATE: SUNDAY 4TH AUGUST 2024
My fellow Nigerians,
1. I speak to you today with a heavy heart and a sense of responsibility, aware of the turmoil and violent protests unleashed in some of our states.
2. Notably among the protesters were young Nigerians who desired a better and more progressive country where their dreams, hopes, and personal aspirations would be fulfilled.
3. I am especially pained by the loss of lives in Borno, Jigawa, Kano, Kaduna and other states, the destruction of public facilities in some states, and the wanton looting of supermarkets and shops, contrary to the promise of protest organisers that the protest would be peaceful across the country. The destruction of properties sets us back as a nation, as scarce resources will be again used to restore them.
4. I commiserate with the families and relations of those who have died in the protests. We must stop further bloodshed, violence and destruction.
5. As President of this country, I must ensure public order. In line with my constitutional oath to protect the lives and property of every citizen, our government will not stand idly by and allow a few with a clear political agenda to tear this nation apart.
6. Under the circumstances, I hereby enjoin protesters and the organisers to suspend any further protest and create room for dialogue, which I have always acceded to at the slightest opportunity. Nigeria requires all hands on deck and needs us all – regardless of age, party, tribe, religion or other divides, to work together in reshaping our destiny as a nation. To those who have taken undue advantage of this situation to threaten any section of this country, be warned: The law will catch up with you. There is no place for ethnic bigotry or such threats in the Nigeria we seek to build.
7. Our democracy progresses when the constitutional rights of every Nigerian are respected and protected. Our law enforcement agencies should continue to ensure the full protection of lives and properties of innocent citizens in a responsible manner.
8. My vision for our country is one of a just and prosperous nation where each person may enjoy the peace, freedom, and meaningful livelihood that only democratic good governance can provide – one that is open, transparent and accountable to the Nigerian people.
9. For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations. I therefore took the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of our Nation and impeded our economic development and progress.
10. These actions blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostrate. These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, the buck stops on my table. But I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter.
11. In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance. On the fiscal side, aggregate government revenues have more than doubled, hitting over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023 due to our efforts at blocking leakages, introducing automation and mobilising funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience
12. My dear brothers and sisters, we have come this far. Coming from a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months. We have also cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes.
13. This has given us more financial freedom and the room to spend more money on you, our citizens, to fund essential social services like education and healthcare. It has also led to our State, and Local Governments receiving the highest allocations ever in our country’s history from the Federation Account.
14. We have also embarked on major infrastructure projects across the country. We are working to complete inherited projects critical to our economic prosperity, including roads, bridges, railways, power, and oil and gas developments. Notably, the Lagos-Calabar Coastal Highway and Sokoto-Badagry Highway projects will open up 16 connecting states, creating thousands of jobs and boosting economic output through trade, tourism and cultural integration
15. Our once-declining oil and gas industry is experiencing a resurgence on the back of the reforms I announced in May 2024 to address the gaps in the Petroleum Industry Act. Last month, we increased our oil production to 1.61million barrels per day, and our gas assets are receiving the attention they deserve. Investors are coming back, and we have already seen two Foreign Direct Investments signed of over half a billion dollars since then.
16. Fellow Nigerians, we are a country blessed with both oil and gas resources, but we met a country that had been dependent solely on oil-based petrol, neglecting its gas resources to power the economy. We were also using our hard-earned foreign exchange to pay for, and subsidise its use. To address this, we immediately launched our Compressed Natural Gas Initiative (CNG) to power our transportation economy and bring costs down. This will save over two trillion Naira a month, being used to import PMS and AGO and free up our resources for more investment in healthcare and education.
17. To this end, we will be distributing a million kits of extremely low or no cost to commercial vehicles that transport people and goods and who currently consume 80% of the imported PMS and AGO.
18. We have started the distribution of conversion kits and setting up of conversion centres across the country in conjunction with the private sector. We believe that this CNG initiative will reduce transportation costs by approximately 60 per cent and help to curb inflation.
19. Our administration has shown its commitment to the youth by setting up the student loan scheme. To date, 45.6billion Naira has already been processed for payment to students and their respective institutions
20. I encourage more of our vibrant youth population to take advantage of this opportunity. We established the Consumer Credit Corporation with over N200billion to help Nigerians to acquire essential products without the need for immediate cash payments, making life easier for millions of households. This will consequently reduce corruption and eliminate cash and opaque transactions. This week, I ordered the release of an additional N50billion Naira each for NELFUND – the student loan, and Credit Corporation from the proceeds of crime recovered by the EFCC
21. Additionally, we have secured $620million under the Digital and Creative Enterprises (IDiCE) – a programme to empower our young people, creating millions of IT and technical jobs that will make them globally competitive. These programmes include the 3Million Technical Talents scheme. Unfortunately, one of the digital centres was vandalised during the protests in Kano. What a shame!
22. In addition, we have introduced the Skill-Up Artisans Programme (SUPA); the Nigerian Youth Academy (NIYA); and the National Youth Talent Export Programme (NATEP).
23. Also, more than N570 billion has been released to the 36 states to expand livelihood support to their citizens, while 600,000 nano-businesses have benefitted from our nano-grants. An additional 400,000 more nano-businesses are expected to benefit.
24. Furthermore, 75,000 beneficiaries have been processed to receive our N1million Micro and Small Business single-digit interest loans, starting this month. We have also built 10 MSME hubs within the past year, created 240,000 jobs through them and 5 more hubs are in progress which will be ready by October this year.
25. Payments of N1billion each are also being made to large manufacturers under our single-digit loans to boost manufacturing output and stimulate growth.
26. I signed the National Minimum Wage into law last week, and the lowest-earning workers will now earn at least N70,000 a month.
27. Six months ago in Karsana, Abuja, I inaugurated the first phase of our ambitious housing initiative, the Renewed Hope City and Estate. This project is the first of six we have planned across the nation’s geopolitical zones. Each of these cities will include a minimum of 1,000 housing units, with Karsana itself set to deliver 3,212 units
28. In addition to these city projects, we are also launching the Renewed Hope Estates in every state, each comprising 500 housing units. Our goal is to complete a total of 100,000 housing units over the next three years. This initiative is not only about providing homes but also about creating thousands of jobs across the nation as well as stimulating economic growth.
29. We are providing incentives to farmers to increase food production at affordable prices. I have directed that tariffs and other import duties should be removed on rice, wheat, maize, sorghum, drugs, and other pharmaceutical and medical supplies for the next 6 months, in the first instance, to help drive down the prices.
30. I have been meeting with our Governors and key Ministers to accelerate food production. We have distributed fertilisers. Our target is to cultivate more than 10 million hectares of land to grow what we eat. The Federal Government will provide all necessary incentives for this initiative, whilst the states provide the land, which will put millions of our people to work and further increase food production. In the past few months, we have also ordered mechanized farming equipment such as tractors and planters, worth billions of Naira from the United States, Belarus, and Brazil. I can confirm to you that the equipment is on the way.
31. My dear Nigerians, especially our youth, I have heard you loud and clear. I understand the pain and frustration that drive these protests, and I want to assure you that our government is committed to listening and addressing the concerns of our citizens.
32. But we must not let violence and destruction tear our nation apart. We must work together to build a brighter future, where every Nigerian can live with dignity and prosperity.
33. The task before us is a collective one, and I am leading the charge as your President. A lot of work has gone into stabilising our economy and I must stay focused on ensuring that the benefits reach every single Nigerian as promised.
34. My administration is working very hard to improve and expand our national infrastructure and create more opportunities for our young people.
35. Let nobody misinform and miseducate you about your country or tell you that your government does not care about you. Although there have been many dashed hopes in the past, we are in a new era of Renewed Hope. We are working hard for you, and the results will soon be visible and concrete for everyone to see, feel, and enjoy.
36. Let us work together to build a brighter future for ourselves and for generations to come. Let us choose hope over fear, unity over division, and progress over stagnation. The economy is recovering; Please, don’t shut out its oxygen. Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. FORWARD EVER, BACKWARD NEVER!
37. In conclusion, security operatives should continue to maintain peace, law, and order in our country following the necessary conventions on human rights, to which Nigeria is a signatory. The safety and security of all Nigerians are paramount.
38. Thank God — and Thank you for your attention, and may God continue to bless our great Nation. Thank you very much.
