By Daniel Edu
In a year-end press conference held in Abuja, Minister of Information and National Orientation, Mohammed Idris, disclosed that the Federal Government is set to approve a new minimum wage for workers in 2024. Collaborating with organized labor leaders, the government is actively engaged in finalizing the details of the proposed wage increase.
While the minister did not reveal the specific amount of the new minimum wage, he assured the public of ongoing efforts to enhance economic well-being. Additionally, he highlighted key initiatives, including the implementation of a monthly Cash Transfer of N25,000 to 15 million of the country’s most impoverished households over three months, which has already commenced.
Idris emphasized the government’s commitment to a range of economic measures, such as a single-digit interest rate for manufacturing firms amounting to N75 billion. He also shared plans for the launch of a federal student loan program in January 2024 and the release of grains and agricultural inputs to households and farmers, respectively.
In a bid to boost entrepreneurship, the minister outlined the government’s support programs, including a Conditional Grants initiative providing N50 billion to one million nano-businesses by March 2024. The government aims to develop three million technical talents by 2025 through the 3MTT program and create one million service-export jobs over the next five years with the National Talent Export Programme.
Further economic measures include the establishment of the National Philanthropy Office (NPO) to mobilize $200 million in private investments supporting MSMEs, as well as the launch of the Small and Medium Enterprises Development Agency of Nigeria, which, in collaboration with Sterling Bank, will establish a five-billion single-digit-interest fund.
Idris concluded by emphasizing the transformative changes initiated by President Bola Tinubu, expressing optimism about the positive outcomes of these efforts in the form of increased economic opportunities, improved infrastructure, and a conducive business environment fostering innovation and prosperity as Nigeria enters 2024.
