Tinubu to lower food prices through support for manufacturers in New year address

In his New Year address, President Bola Tinubu promised to support local manufacturers in order to reduce the high costs of food and essential medicines across Nigeria. He acknowledged that these costs remain a significant burden for many households and vowed to lower local manufacturing expenses, aiming to make food and drugs more accessible. The president committed to increasing food production and encouraging the local manufacturing of essential drugs and medical supplies in 2025.

He also expressed his goal to reduce inflation from 34.6% to 15%, believing that with hard work and divine assistance, this target would be achieved, providing relief to Nigerians. In addition, Tinubu announced plans to establish a National Credit Guarantee Company, which will improve credit access for financial institutions and businesses, especially supporting underrepresented groups such as women and youth. The initiative, which will launch before the second quarter of 2025, is a collaboration between government agencies, the private sector, and international institutions.

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While acknowledging the challenges faced by Nigerians in 2024, the president highlighted positive economic indicators, such as the increase in foreign reserves, a decrease in fuel prices, and trade surpluses. He emphasized that despite ongoing challenges, the economy is on the path to stability.

Tinubu also reiterated his vision for a thriving Nigeria, emphasizing unity and cooperation beyond political, ethnic, and regional divisions. He mentioned the launch of the National Values Charter, which will foster patriotism, trust, and collaboration among citizens and the government. Furthermore, he announced the beginning of a Youth Confab in early 2025, aimed at engaging young people as key contributors to national development.