Nigerian President Bola Tinubu has promised Nigerians that the government is committed in this New Year to intensify efforts to lower the high costs of foods in Nigeria by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
In his nationwide broadcast to mark the New Year celebrations on Wednesday, Tinubu said that the government was “resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people”.
Although he admitted that 2024 posed numerous challenges to Nigerians due to the ongoing reforms of the government, but he said that he was confident that the New Year would bring brighter days.
Highlighting some of the achievements of the government in 2024, Tinubu pointed to some economic growth indicators, including lower petrol prices, rising foreign reserves and a stronger Naira, as signs of progress in 2024 that would continue into 2025.
“Economic indicators point to a positive and encouraging outlook for our nation. Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters.
“Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability,” he said.
According to Tinubu, the Nigerian bourse recorded growth and generated trillions of naira in wealth and that the surge in foreign investments reflected renewed confidence in the Nigerian economy.
He, however, noted that the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
On the plans for 2025, Tinubu promised to consolidate further and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
And to achieve this, he said that the government would establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The company—expected to start operations before the end of the second quarter—is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,” he assured citizens.
He pledged that the government would continue to embark on necessary reforms to foster sustainable growth and prosperity for the country and called for cooperation and collaboration at all times as we pursue the goal of a one trillion-dollar economy.
“We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion,” he said.
The Nigerian leader announced that he would be unveiling the National Values Charter in the first quarter of 2025 that is aimed at promoting better citizens who will be uncompromising in their devotion and allegiance to Nigeria.
In addition, he disclosed that the Youth Confab would begin in the first quarter of 2025, which according to him, is a testament to our commitment to youth inclusiveness and investment as nation-builders.
Concluding the address, Tinubu said: To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain even in the months ahead. Together, let us stay the course of nation-building.
“The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.”
GIK/APA