President Bola Tinubu has reaffirmed his administration’s commitment to reducing costs, increasing food production, and promoting the local manufacturing of essential drugs and medical supplies in 2025.
He noted that the high cost of food and essential drugs remained a major concern for many Nigerian households in 2024.
In his New Year message to Nigerians, Tinubu pledged to reduce inflation from its current rate of 34.6 per cent to 15 per cent.
He expressed confidence that, with diligent effort and divine support, his administration would achieve this goal and bring much-needed relief to Nigerians.
Tinubu highlighted positive economic indicators, emphasising that fuel prices have steadily decreased while Nigeria recorded foreign trade surpluses for three consecutive quarters.
He further disclosed that foreign reserves have increased, the Naira has strengthened against the US dollar, and economic stability has improved.
Additionally, he noted that record growth in the stock market has generated trillions of naira in wealth, while the surge in foreign investment reflects renewed confidence in Nigeria’s economy.
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“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output. To achieve this, the federal government will 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”, the President added.
He stated that this initiative would bolster confidence in the financial system, improve access to credit, and empower under-served groups, including women and youth.
Tinubu emphasised that the initiative would spur economic growth, promote re-industrialization, and enhance living standards for the people.
“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.”
