President Bola Ahmed Tinubu has pledged to lower the cost of food and essential drugs in 2025, citing these as significant concerns for many Nigerian households in 2024.
To achieve this, the government plans to boost food production and promote local manufacturing of essential drugs and other medical supplies.
In his New Year’s message, President Tinubu noted that despite the stock market’s record growth and increased foreign investment, the cost of food and essential drugs remains a challenge.
“In 2025, our government is committed to intensifying efforts to lower these costs… We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%,” he said.
To drive economic growth, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
This initiative aims to strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth.
President Tinubu also emphasized the importance of national unity and cooperation, urging Nigerians to stay focused and united in pursuit of a one trillion-dollar economy.
He noted that his administration is committed to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.
The president concluded his message by expressing confidence that 2025 will be a year of great promise, bringing Nigeria closer to a bright future.