President Bola Tinubu has unveiled a bold plan to reduce Nigeria’s inflation rate from 34.6% to 15% by the end of 2025, in his New Year address to the nation. Acknowledging the challenges Nigerians faced in 2024, he expressed optimism for the year ahead, with several positive economic indicators showing promise.
Tinubu highlighted the gradual decrease in fuel prices, foreign trade surpluses, and a strengthened Naira as signs of Nigeria’s economic resilience. Additionally, the stock market’s record growth and increased foreign reserves further contributed to the renewed confidence in the nation’s financial outlook.
Despite these positive signs, he recognized the ongoing struggles of Nigerian households with high costs of food and essential drugs. In response, he vowed to intensify efforts to reduce living costs and announced plans to boost local food production and the manufacturing of essential medical supplies.
To further stimulate economic growth, Tinubu introduced the National Credit Guarantee Company, designed to enhance financial access and expand credit to underserved sectors, including women and youth. This initiative, set to begin operations by mid-2025, will involve government institutions, private sector players, and multilateral organizations.
Tinubu also reiterated his commitment to national progress, calling for unity and cooperation from all Nigerians to achieve the goal of a one trillion-dollar economy. He cautioned against divisiveness and emphasized the importance of ethical values and patriotism.
Looking ahead, Tinubu announced plans for the launch of the National Values Charter and a Youth Confab in early 2025, demonstrating his administration’s focus on youth involvement in nation-building. He urged state and local leaders to work closely with the federal government to capitalize on opportunities in agriculture, livestock, and tax reforms.
In closing, President Tinubu expressed his gratitude to Nigerians for their trust and assured them that their sacrifices were not in vain, reaffirming his commitment to leading the nation towards a prosperous future.
