The Nigerian head of state announced ambitious measures to stimulate the economy, with particular emphasis on reducing inflation (to be reduced from 34.6% currently to 15% in 2025) and improving the access to credit.
Nigerian President Bola Ahmed Tinubu presented his roadmap for 2025 on Tuesday, highlighting economic progress made in 2024 and detailing new initiatives for the coming year.
In his New Year address, Nigeria’s Federal Head of State highlighted positive economic indicators in 2024, including the strengthening of the naira against the US dollar, increasing foreign exchange reserves and record growth in the stock market. However, he acknowledged that the cost of essential food and medicines remains a major concern for many households.
Faced with inflation of 34.6%, the Nigerian government has set itself the ambitious objective of reducing it to 15% in 2025. To achieve this, the president announced a plan aimed at stimulating local food production and promoting national manufacturing of essential medicines.
A major 2025 initiative will be the creation of the National Credit Guarantee Company, a partnership between government institutions and the private sector, which is expected to be operational before the end of the second quarter. This structure aims to facilitate access to credit, particularly for women and young entrepreneurs.
In the energy area, the President praised states that have adopted public transportation initiatives powered by compressed natural gas (CNG) and electric vehicles, pledging the federal government’s continued support for these projects.
On the social level, Tinubu announced the upcoming launch of a National Charter of Values and the organization of a national youth conference (Youth Confab) in the first quarter of 2025, emphasizing the importance of national unity and the participation of young people in the development of the country.
AC/SF/APA
