President Bola Tinubu has assured Nigerians that his administration is committed to increasing food production and reducing inflation in food and medications to 15 percent, while also enhancing the economy by 2025.
In his New Year address, Tinubu pointed to positive economic growth indicators for 2024, such as decreasing fuel prices, increasing foreign reserves, and a strengthened Naira, which he believes will carry into 2025.
He remarked, “While 2024 has presented many challenges for our citizens, I am optimistic that the New Year will bring brighter days.
“Indicators show a promising future for our nation. Fuel prices are gradually falling, and we have seen foreign trade surpluses for three consecutive quarters.
“Foreign reserves are up, and the Naira has improved against the US dollar, contributing to greater economic stability.”
The President noted that Nigeria’s stock market growth has resulted in trillions of naira in wealth and that the rise in foreign investments reflects renewed trust in Nigeria’s economy.
However, he recognized that the high prices of food and essential medications were a major concern for many households in 2024.
He admitted that inflation and rising costs of necessities persist, pledging to work diligently to bring inflation down from 34.6 percent to 15 percent via reforms that focus on increasing food production and encouraging local manufacturing of pharmaceuticals and medical supplies.
“In 2025, we are determined to reduce these living costs by enhancing food output and advocating for local production of essential medicines and medical items.
“We are committed to lowering inflation from the current 34.6 percent to 15 percent.
“With hard work and divine assistance, we will succeed and relieve our citizens,” the President stated.
For the New Year, Tinubu vowed to further improve access to credit for individuals and critical sectors to enhance national economic productivity.
“To facilitate this, the Federal Government will create the National Credit Guarantee Company to broaden risk-sharing options for financial institutions and businesses.
“The company—anticipated to begin operations by the end of the second quarter—will involve a partnership among government entities such as the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, as well as private sector participation and international organizations.
“This initiative will boost confidence in the financial system, increase credit access, and support underserved groups like women and youth. It aims to promote growth, re-industrialization, and improved living standards for our people,” he assured.
Tinubu urged governors and local council leaders to cooperate with federal agricultural and tax reforms to capitalize on economic opportunities.
“In this New Year’s message, I encourage our governors and local council chairpersons to collaborate with the central government to harness new opportunities in agriculture, livestock, and tax reforms to advance our nation,” he said.
The President praised those governors who adopted the Federal Government’s Compressed Natural Gas initiative by launching CNG-powered public transport and those who implemented electric vehicles in line with the administration’s national energy transition strategy, emphasizing, “The Federal Government will always provide necessary support to the states.”
Tinubu underscored the importance of national unity and moral values as part of the Renewed Hope Agenda and announced plans to introduce a National Values Charter in the first quarter of 2025, along with a campaign to promote patriotism and shared values.
In 2025, he stated that his administration would focus on upholding ethical principles and common values as part of the National Identity Project.
“I will introduce the National Values Charter, which has already received approval from the Federal Executive Council, in early 2025.
“I also plan to launch a comprehensive national orientation campaign to foster patriotism and a love for our country to inspire unity among our citizens.
“The Charter will advocate for mutual commitments between the government and citizens, strengthening trust and cooperation among our diverse population,” he said.
He asserted that, while the government’s reforms are extensive and fundamental, their success relies on shared values and a deep love for the country.
He also mentioned that the Youth Conference he announced last October would kick off in the first quarter of 2025, emphasizing the government’s dedication to youth engagement and investment as integral to nation-building.
“The Ministry of Youth will soon share details on how representatives for the conference will be selected from our varied young population,” the President noted.
Expressing faith in Nigeria’s economic potential, Tinubu reiterated his dedication to reforms aimed at creating a $1 trillion economy.
“We are on track to building a great Nigeria for everyone.
“Let us not be sidetracked by a small segment of the populace that views issues through political, ethnic, regional, and religious lenses,” he stated.
Tinubu concluded by thanking citizens for their sacrifices and support, assuring them that 2025 would be a year of significant progress towards the nation’s goals.
“On a personal note, I appreciate your trust in me as your President. Your confidence is humbling, and I pledge to serve you with dedication.
“I request your ongoing cooperation as we work towards our $1 trillion economy goal. Let us stay focused and united. Your sacrifices over the past 19 months will not be in vain.
“I assure you they will yield results in the coming months. Together, let us persevere in building our nation. As we welcome 2025, I wish everyone a joyful and prosperous New Year, filled with happiness, success, and good health. With God’s grace, 2025 will hold great promise as we strive to meet our collective aspirations.”
Meanwhile, the Peoples Democratic Party urged President Tinubu to promptly address the rising insecurity, fuel shortages, and food crisis as the nation enters the New Year.
