President Bola Tinubu has announced plans by the Federal Government to reduce food prices, enhance local manufacturing of essential drugs, and empower youth through a series of strategic initiatives in 2025.
In his New Year broadcast to Nigerians, Tinubu disclosed that a National Credit Guarantee Company would be established to support financial institutions and underserved groups, including women and youth, in accessing credit.
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According to the President, the company is expected to commence operations by the second quarter of 2025 and will operate in partnership with institutions such as the Bank of Industry (BOI), Nigerian Sovereign Investment Agency (NSIA), Nigerian Consumer Credit Corporation, and the Ministry of Finance Incorporated, alongside private sector players and multilateral institutions.
“This initiative will strengthen the confidence of the financial system, expand credit access, and support underserved groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people,” Tinubu stated.
He emphasized that addressing food security and local drug production would be a key focus, saying, “In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies.”
The President expressed optimism about the nation’s economic trajectory, noting improvements in fuel prices, foreign reserves, and stock market growth.
On youth engagement, Tinubu reaffirmed his administration’s commitment to inclusiveness by announcing that the Youth Confab promised after the #EndBadGovernance protests would commence in the first quarter of 2025.
“The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders,” he said, adding that modalities for selecting participants would soon be announced by the Ministry of Youth.
He also urged state governments to align with the Federal Government’s Compressed Natural Gas (CNG) programme to reduce transportation costs and enhance economic stability.
Tinubu concluded by calling on Nigerians to remain united and focused on national development, saying, “Together, let us stay the course of nation-building. The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.”
