- President Bola Tinubu has pledged to boost food production and reduce inflation to 15 per cent in 2025
- He said his administration’s policies in 2024 were working, going by the positive economic growth indicators recorded
- Tinubu promised increased access to credit for individuals and critical sectors
President Bola Tinubu has assured of his administration’s commitment to boosting food production and reducing inflation from the current 34.60 per cent to 15 per cent in 2025.
Tinubu stated this in his New Year message to Nigerians on January 1 and reassured that the government’s policies aim to bring relief to the citizens.
The president also highlighted economic growth indicators recorded in 2024, including lower fuel prices, rising foreign reserves, and a stronger naira, adding that the progress would continue into 2025.
He said, “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 stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy.
“Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.”
Plans to boost food production and tackle inflation
Tinubu also acknowledged the impact of persistent inflation on the rising costs of food, drugs, and essentials.
He promised to intensify efforts towards reducing inflation from 34.6 per cent to 15 per cent, as contained in the 2025 budget through reforms aimed at boosting food production and encouraging local manufacturing of drugs and medical supplies.
The president said, “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.”
Increased access to credit for individuals and critical sectors
The president stated that in the New Year, his administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output geared towards attaining a trillion-dollar economy by 2030.
He said, “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.”
I’m ready to take hard decisions to move Nigeria forward — Tinubu
Meanwhile, TheRadar earlier reported that President Bola Tinubu acknowledged the challenges leaders face in achieving national consensus on critical issues while addressing a gathering of Nigerians in China.
President Tinubu, during his visit to Beijing on Friday, September 6, affirmed his commitment to making tough decisions necessary for Nigeria’s progress.
