On January 1, 2025, President Bola Tinubu delivered a powerful New Year message, acknowledging the challenges Nigerians faced in 2024, while expressing optimism for a brighter future in the year ahead. The president reflected on his administration’s achievements, particularly in improving the national economy, while addressing key concerns such as the rising cost of living, including food and drug prices.
Economic Outlook: Encouraging Signs of Growth
In his message, President Tinubu highlighted the positive economic indicators for Nigeria, which suggest an encouraging path for the nation. He pointed to several key achievements:
- Decrease in Fuel Prices: After a period of volatility, fuel prices have gradually reduced, providing relief to consumers.
- Foreign Trade Surplus: Nigeria experienced foreign trade surpluses in three consecutive quarters, signaling healthy external economic activity.
- Foreign Reserves & Naira Stability: Foreign reserves have grown, and the Naira has strengthened against the US dollar, contributing to a more stable economy.
- Stock Market Growth: The Nigerian stock market has witnessed record growth, generating trillions of naira in wealth.
- Increased Foreign Investment: There has been a surge in foreign investment, reflecting renewed confidence in Nigeria’s economic future.
Despite these successes, President Tinubu acknowledged the persistent concerns of many Nigerians, especially regarding the high cost of food and essential drugs. In response, his government is committed to addressing these challenges in 2025.
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Tackling Inflation and Lowering Costs
A major focus for the government in the coming year is to reduce inflation, which stood at a high 34.6% in 2024. President Tinubu emphasized his administration’s commitment to driving inflation down to 15% by focusing on boosting local food production and increasing the manufacturing of essential drugs and medical supplies. This effort aims to provide significant relief to households grappling with the rising cost of living.
Expanding Credit Access and Strengthening the Financial System
In 2025, the government plans to enhance access to credit for individuals and critical sectors of the economy. The establishment of the National Credit Guarantee Company, a partnership between government institutions, the private sector, and multilateral organizations, is expected to expand financial access, particularly for underserved groups such as women and youth. This initiative will contribute to national growth, industrialization, and improved living standards.
Renewed Commitment to National Unity
President Tinubu also emphasized the importance of national unity, urging Nigerians to set aside divisions based on politics, ethnicity, religion, or region. He called on citizens to remain focused on the collective goal of building a prosperous, one trillion-dollar economy. The president stressed that achieving this vision requires the unwavering commitment and cooperation of all Nigerians.
Promoting Citizenship and Ethical Values
The president underscored the critical role of citizenship in achieving national goals. In 2025, his administration will focus on promoting ethical principles and shared values under the National Identity Project. This initiative includes the launch of the National Values Charter, which will encourage patriotism, trust, and cooperation between the government and citizens. A national orientation campaign will also be launched to inspire a sense of unity and love for the country.
Empowering the Youth
President Tinubu reaffirmed his commitment to youth inclusiveness, announcing the Youth Confab to be held in the first quarter of 2025. The conference will engage young Nigerians as key contributors to the nation-building process. Additionally, the Ministry of Youth will soon reveal the selection process for representatives from across the country’s diverse youth population.
Collaboration with State Governments
The president called on governors and local council chairpersons to collaborate with the central government in leveraging emerging opportunities, particularly in sectors such as agriculture, livestock, and tax reforms. He commended state leaders who have embraced initiatives like Compressed Natural Gas (CNG)-powered public transport and the adoption of electric vehicles, contributing to Nigeria’s energy transition.
A Call for Continued Dedication
In his closing remarks, President Tinubu thanked Nigerians for their resilience over the past 19 months and reassured them that their sacrifices would not be in vain. He urged everyone to stay united in the pursuit of a brighter, more prosperous future for the country.
Conclusion
As Nigeria enters 2025, President Bola Tinubu’s New Year message serves as both a reflection on the country’s achievements and a call to action for the challenges that lie ahead. With a focus on economic growth, national unity, ethical values, and youth empowerment, the president expressed confidence that the year ahead will bring Nigerians closer to the dream of a stronger, more prosperous nation.
Happy New Year and a prosperous 2025!
Bola Ahmed Tinubu, President of the Federal Republic of Nigeria
January 1, 2025
