President Bola Tinubu has pledged to tackle the ongoing hardships, particularly the rising prices of food and drugs, through the establishment of the National Credit Guarantee Company. In his 2025 New Year’s message to Nigerians on Wednesday, the Federal Government announced that this initiative will also support local production of essential drugs and medical supplies in the coming year.
The President explained that the new company, which is set to begin operations before the end of the second quarter of 2025, will be a collaboration between government bodies such as the Bank of Industry (BOI), the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Authority (NSIA), the Ministry of Finance Incorporated, as well as the private sector and multilateral institutions.
In his address, President Tinubu remarked, “As the New Year begins, it brings with it hopes, aspirations, and a vision for better days. By God’s grace, 2025 will be a year of great promise, and we will fulfill our collective aspirations.”
He acknowledged the challenges of 2024 but expressed confidence that the new year would bring improvements. “Economic indicators point to a positive and encouraging outlook for our nation,” he said. “Fuel prices have steadily decreased, foreign trade has recorded surpluses for three consecutive quarters, foreign reserves have increased, and the naira has strengthened against the US dollar, bringing greater stability.”
He also highlighted the stock market’s exceptional growth, which has generated trillions of naira in wealth, and the rise in foreign investment, reflecting renewed confidence in Nigeria’s economy. However, he noted that the high cost of food and essential drugs remained a major concern for many Nigerians in 2024.
The President assured that in 2025, the government will intensify efforts to lower these costs by boosting food production and encouraging local manufacturing of essential drugs and medical supplies. He emphasized the administration’s goal of reducing inflation from the current 34.6% to 15%. “With hard work and God’s guidance, we are determined to achieve this goal and alleviate the burdens on our citizens,” he said.
President Tinubu concluded by stating that his administration will continue to strengthen and expand access to credit for individuals and key sectors to further stimulate national economic growth
