President Bola Tinubu has announced plans to slash Nigeria’s inflation rate from 34.6% to 15% in 2025 while launching a new credit guarantee company to expand financial access for individuals and businesses.
In his New Year message to Nigerians, Tinubu revealed that the National Credit Guarantee Company would commence operations before the end of the second quarter. The initiative is expected to bring together key institutions, including the Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, and private sector partners.
The President highlighted recent economic improvements, citing decreasing fuel prices, consecutive foreign trade surpluses, and strengthening foreign reserves. He also noted the stock market’s record growth and increased foreign investment as signs of renewed confidence in Nigeria’s economy.
However, Tinubu acknowledged ongoing challenges, particularly the high cost of food and essential drugs that affected many Nigerian households in 2024. He stated that his administration plans to address these concerns by boosting domestic food production and promoting local manufacturing of medical supplies.
The President also announced plans to unveil a National Values Charter in the first quarter of 2025 to promote ethical principles and patriotism. Additionally, a Youth Confab will be launched to increase youth participation in nation-building, with the Ministry of Youth set to announce representative selection criteria.
Addressing state governors, Tinubu commended those who have adopted compressed natural gas initiatives and electric vehicles, encouraging closer collaboration between state and federal governments on agriculture, livestock, and tax reforms.
“We are on the right path to building a great Nigeria that will work for everyone,” Tinubu stated, urging citizens to maintain faith in the country’s future while acknowledging their sacrifices over the past 19 months.
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