Economic Challenges Acknowledged
President Bola Tinubu has committed to tackling the escalating prices of food and essential drugs in Nigeria in his 2025 New Year’s Message. He acknowledged the hardships faced by citizens in 2024, expressing optimism for a turnaround in the new year.
Launch of National Credit Guarantee Company
In a significant move to bolster the economy, Tinubu announced the establishment of the National Credit Guarantee Company. Scheduled to start operations by mid-2025, this entity will collaborate with various government bodies like the Bank of Industry, Nigerian Consumer Credit Corporation, and the Nigerian Sovereign Investment Agency, alongside private sector partners. This initiative aims to enhance the financial system’s confidence, broaden access to credit, and support underrepresented groups such as women and youth.
Economic Recovery Signs
The President highlighted several positive economic developments, including a decrease in fuel prices, three consecutive quarters of foreign trade surplus, an increase in foreign reserves, and a stronger naira. He also noted the stock market’s record growth, which has added significant wealth to the nation’s economy, although he admitted that the cost of living, particularly food and drugs, remains a pressing concern.
Strategies for Inflation and Production
To combat inflation, which currently stands at 34.6%, Tinubu pledged to lower it to 15% by enhancing local food production and encouraging the domestic manufacture of essential drugs and medical supplies. This, he stated, would provide much-needed relief to the populace.
Youth Engagement and Local Governance
Tinubu announced that a Youth Conference would commence in the first quarter of 2025, aimed at involving the younger generation in nation-building. The modalities for selecting participants will be revealed by the Ministry of Youth soon.
Synergy with State Governments
The President called upon state governors and local leaders to work hand-in-hand with the federal government, particularly in leveraging opportunities in agriculture, livestock, and tax reforms. He praised those already adopting green initiatives like CNG-propelled public transport and electric vehicles, promising federal support to facilitate these transitions.
Commitment to Unity and Progress
Emphasizing the importance of national unity, Tinubu outlined plans to promote ethical principles and shared values through the National Identity Project. The National Values Charter, set for unveiling in early 2025, will encourage patriotism and mutual commitment between the government and citizens.
Reforms and National Goals
The President reiterated his dedication to ongoing reforms to achieve sustainable growth and a trillion-dollar economy, calling for cooperation across all societal segments. He thanked the citizens for their trust and sacrifices, promising continued diligent service and urging everyone to focus on collective national progress rather than divisive issues.
This comprehensive message from President Tinubu sets a hopeful tone for 2025, with a clear focus on economic recovery, youth inclusion, and national unity.
