President Bola Tinubu has expressed optimism about Nigeria’s economic trajectory, citing encouraging indicators that signal a bright future.
In his New Year message, the President highlighted several achievements, including a gradual decrease in fuel prices and consecutive foreign trade surpluses recorded over three quarters.
He also noted the strengthening of the naira against the dollar and a rise in foreign reserves, fostering greater economic stability.
Rising Food Prices
Acknowledging the burden of rising food prices, President Tinubu pointed to record growth in the stock market, which has generated trillions of naira in wealth. He also emphasized a surge in foreign investment, reflecting renewed global confidence in the Nigerian economy.
The Federal Government, he assured, will intensify efforts to lower food costs this year by boosting domestic food production and encouraging local manufacturing of essential goods, including medical supplies.
The President reaffirmed the government’s determination to reduce inflation from its current high of 34.6% to 15%. He expressed confidence that with dedicated effort and divine support, this target would be achieved, providing much-needed relief for Nigerians.
Expanding Credit Access
President Tinubu outlined plans to consolidate and enhance access to credit for individuals and critical economic sectors to stimulate national economic output.
To achieve this, the Federal Government will establish the National Credit Guarantee Company, which will expand risk-sharing mechanisms for financial institutions and enterprises.
The company, set to begin operations before the end of the second quarter, will be a partnership involving key government institutions, including the Bank of Industry, the Nigerian Sovereign Investment Agency, and the Ministry of Finance Incorporated, alongside private and multilateral entities.
This initiative aims to bolster financial system confidence, widen credit access—particularly for underserved groups like women and youth—and drive growth, re-industrialization, and improved living standards.
Commitment to Reforms
The President reiterated his administration’s resolve to implement necessary reforms to achieve sustainable growth and prosperity.
He called on Nigerians for their continued cooperation and collaboration as the government works toward a $1 trillion economy.
President Tinubu urged citizens to trust the government’s efforts and not to be swayed by a minority focused on political, ethnic, or religious divisions. He reaffirmed his administration’s dedication to creating a Nigeria that works for all.
Citizens’ Obligations
The President underscored the importance of Nigerians’ devotion and allegiance to the country, noting that moral integrity and faith are essential for the success of the Renewed Hope Agenda.
He announced plans to unveil a National Values Charter in the first quarter of the year, which will promote shared ethical principles and mutual commitments between the government and citizens.
The Charter, approved by the Federal Executive Council, will be accompanied by a national orientation campaign to inspire patriotism and unity.
Additionally, a Youth Confab scheduled for the first quarter aims to highlight the administration’s commitment to youth inclusion and empowerment as critical contributors to nation-building.
Fostering Meaningful Collaboration
The Federal Government encouraged state and local governments to collaborate closely on emerging opportunities in agriculture, livestock, and tax reforms.
President Tinubu commended states that have adopted initiatives like compressed natural gas (CNG)-powered public transport and electric vehicles as part of the national energy transition strategy.
He assured them of continued federal government support.
Concluding his message, the President assured Nigerians that their sacrifices would yield meaningful results, promising visible changes in the months ahead.
Bello Wakili
