President Bola Tinubu in his New Year address announced a bold plan to reduce inflation from 34.6% to 15% by the end of 2025. He also revealed the establishment of the National Credit Guarantee Company to enhance financial access.
Reflecting on the challenges of 2024, Tinubu acknowledged the difficulties faced by many Nigerians but expressed optimism for the future. He highlighted several positive economic indicators, including a gradual decrease in fuel prices, foreign trade surpluses over three consecutive quarters, and increased foreign reserves. The Naira has strengthened against the US dollar, and the stock market has seen record growth, generating trillions of naira in wealth and reflecting renewed confidence among foreign investors.
Despite these promising signs, Tinubu recognized the ongoing struggle of many Nigerian households with high costs of food and essential drugs. He announced his administration’s commitment to intensifying efforts to lower living costs in 2025, aiming to reduce inflation from 34.6% to 15%. Plans include boosting food production and promoting local manufacturing of essential drugs and medical supplies.
To further stimulate economic growth, Tinubu outlined plans to enhance access to credit for individuals and critical sectors of the economy. This initiative includes the establishment of the National Credit Guarantee Company, expected to begin operations before the end of the second quarter of 2025. This partnership will involve government institutions such as the Bank of Industry and the Nigerian Sovereign Investment Agency, alongside private sector players and multilateral institutions.
President Tinubu expressed deep gratitude to Nigerians for their trust and confidence in his leadership, reaffirming his commitment to the nation’s progress. He stressed the importance of ongoing reforms to foster sustainable growth and prosperity, calling for cooperation and collaboration from all citizens to achieve the ambitious goal of a one trillion-dollar economy. Unity, he emphasized, is essential for building a great Nigeria that works for everyone.
Additionally, Tinubu announced the launch of a Youth Confab in early 2025, emphasizing his administration’s commitment to youth inclusiveness as vital for nation-building. He urged state governors and local council chairpersons to collaborate closely with the federal government to seize emerging opportunities in agriculture, livestock, and tax reforms. He commended those who have embraced sustainable initiatives such as Compressed Natural Gas (CNG) public transport systems and electric vehicles as part of Nigeria’s energy transition.
President Tinubu reassured citizens that their sacrifices over the past 19 months have not been in vain. He expressed optimism that the New Year would bring Nigeria closer to the bright future that all citizens desire. He also announced plans to unveil the National Values Charter in 2025, accompanied by a national orientation campaign aimed at fostering patriotism and inspiring unity among citizens.
“God bless you all, and may God bless our beloved country, Nigeria. Happy New Year and a prosperous 2025 to you all!” he concluded.
