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President Bola Ahmed Tinubu has reiterated his administration’s commitment to enhancing food production, reducing inflation on essential items like food and drugs to 15 per cent, and strengthening the Nigerian economy in the coming year.
In his New Year message to Nigerians, Tinubu expressed optimism about the economic outlook for 2025, citing significant progress achieved in 2024 as a foundation for further improvements.
The President highlighted key economic growth indicators, including a drop in fuel prices, increasing foreign reserves, and a stronger Naira, as evidence of a stabilizing economy.
He stated, “Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days.
“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.”
The President said Nigeria’s stock market’s record growth had generated trillions of naira in wealth, adding that the surge in foreign investment reflected renewed confidence in the country’s economy.
Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.
He acknowledged persistent inflation and rising costs of essentials, vowing to intensify efforts to reduce inflation from 34.6 per cent to 15 per cent through reforms aimed at boosting food production and encouraging local manufacturing of drugs and medical supplies.
“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.
“We are resolute in our ambition to reduce inflation from its current high of 34.6 per cent to 15 per cent.
“With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” said the President.
For the New Year, Tinubu promised to consolidate further 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.
“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.
President Tinubu called on governors and local councils to align with federal agricultural and tax reforms to seize economic opportunities.
“Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward,” he appealed.
Tinubu commended governors who embraced the FG’s Compressed Natural Gas initiative by launching CNG-propelled public transport.
He congratulated those who also adopted electric vehicles as part of the administration’s national energy mix and transition, saying, “The Federal Government will always offer necessary assistance to the states.”
Tinubu stressed the importance of national unity and ethical values as part of the Renewed Hope Agenda.
Therefore, he announced plans to unveil a National Values Charter in Q1 2025, alongside a national orientation campaign to promote patriotism and shared values.
In 2025, the President said his government would commit to promoting adherence to ethical principles, shared values and beliefs under the National Identity Project.
He announced, “I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025.
“I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together.
“The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.”
He argued that as far-reaching and foundational as the FG’s reforms were, they could produce the desired outcomes only through shared common values and identities and unconditional love for our country.
He also added that the Youth Confab he announced last October would begin in the first quarter of 2025, saying it is “a testament to our commitment to youth inclusiveness and investment as nation-builders.”
“The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population,” the President noted.
Expressing confidence in Nigeria’s economic trajectory, Tinubu reaffirmed his commitment to reforms aimed at achieving a $1tn 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 declared.
Tinubu concluded by thanking the citizens for their sacrifices and support, assuring them that 2025 would mark significant progress towards the nation’s aspirations.
He said, “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.
“I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united. 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. As we enter 2025, I wish everyone a happy and prosperous New Year. May you be rich in joy, success, and good health. By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires.”
