By Grace Ademulegun
President Bola Tinubu has pledged to assist local manufacturers in bringing down the exorbitant costs of food and medications throughout Nigeria.
The president made the promise in his New Year message on Wednesday, expressing deep concern that many Nigerian households were still concerned about the cost of food and essential medications in 2024.
He promised that his administration would endeavour to reduce the cost of local manufacturing in 2025 so that Nigerians could easily obtain these items.
“Our government is dedicated to stepping up efforts to reduce these costs in 2025 by increasing food production and encouraging local manufacturing of necessary medications and other medical supplies,” he stated.
“We remain committed to our goal of bringing inflation down from its current peak of 34.6 percent to 15 percent,” Tinubu said, assuring, “All of our people will receive relief if we accomplish our aim with hard effort and God’s assistance.”
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In order to increase risk-sharing options for businesses and financial institutions, the president also announced that his administration intends to launch a National Credit Guarantee Company.
The business program, which is anticipated to begin operations before the end of the second quarter, is a collaboration between the private sector, multilateral organisations, and government organisations like the Ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation, the Bank of Industry, and the Nigerian Sovereign Investment Agency.
He mentioned that this program will boost the financial system’s credibility, increase credit availability, and assist marginalized populations including women and young people, re-industrialization, and higher living standards for the citizens.
“With God’s grace, 2025 will be a very promising year where we will achieve our goals as a group.” He said
The president stated that 2025 will offer better times, even if he acknowledged that 2024 presented many difficulties for Nigerians and homes. He cited the potential for a naira recovery and rises in foreign reserves as proof of his administration’s economic reforms, pointing out that these are signs that the economy will stabilise in 2025.
“Economic indicators show that things are shaping up well for our country. We recorded international trade surpluses for three straight quarters, and fuel costs have been steadily declining.
“With diligent work and God’s help, we will achieve this goal and provide relief to all our people,” the president said, restating his goals to lower inflation from its current high of 34.6 percent to 15 percent,” he said
