Nigerian President Bola Ahmed Tinubu announced bold measures to stimulate the economy, with a particular focus on reducing inflation (targeting a drop from the current 34.6% to 15% by 2025) and improving access to credit.
In his New Year’s address on Tuesday, President Tinubu outlined his roadmap for 2025, highlighting the economic progress achieved in 2024 and detailing new initiatives for the coming year.
The Nigerian leader emphasized the positive economic indicators of 2024, including the strengthening of the naira against the US dollar, the increase in foreign exchange reserves, and the record growth of the stock market. However, he acknowledged that the rising cost of essential food items and medicines remains a major concern for many households.
In response to the current inflation rate of 34.6%, the Nigerian government has set an ambitious goal of bringing it down to 15% by 2025. To achieve this, President Tinubu announced a plan to boost local food production and promote the domestic manufacturing of essential medicines.
A key initiative for 2025 will be the establishment of the National Credit Guarantee Company, a public-private partnership that is expected to become operational before the end of the second quarter. This entity aims to facilitate access to credit, particularly for women and young entrepreneurs.
In the energy sector, the president praised states that have adopted initiatives for compressed natural gas (CNG)-powered public transport and electric vehicles, promising continued federal government support for these projects.
On the social front, Tinubu announced the upcoming launch of a National Values Charter and the organization of a National Youth Conference (Youth Confab) in the first quarter of 2025, emphasizing the importance of national unity and youth participation in the country’s development.
