President Bola Tinubu has pledged to use the National Credit Guarantee Company to alleviate the nation’s current hardships, particularly the growing costs of food and medications.
The president said the Nigerian government will also encourage local production of necessary medications and other medical supplies in the New Year in a 2025 New Year’s Message to Nigerians on Wednesday.
A collaboration between government agencies, including the Bank of Industry (BOI), Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency (NSIA), Ministry of Finance Incorporated, private sector, and multilateral institutions, the new company is anticipated to start operations before the end of the second quarter of the new year, according to the President.
As the new year begins, Tinubu stated, “There are a lot of dreams, aspirations, and opportunities for better days. We will fulfil our common desires in 2025, which is a year full of enormous promise, with God’s help. Even though our citizens and homes faced many difficulties in 2024, I have faith that the coming year will offer better times. The forecast for our country is bright and encouraging, according to economic data. We have seen three straight quarters of foreign trade surpluses, and fuel prices have been steadily declining. Increased stability has resulted from rising foreign reserves and a stronger naira relative to the US dollar.
“Trillions of naira have been made rich by the stock market’s record growth, and the spike in foreign investment shows that our economy is once again viewed with confidence. The price of food and necessary medications, however, continued to be a major worry for many Nigerian households in 2024. By increasing food production and encouraging local manufacture of necessary medications and other medical supplies, our government is determined to step up efforts to reduce these expenses by 2025. We are committed to our goal of bringing inflation down from its current peak of 34.6% to 15%. We can accomplish this aim and help all of our people if we work hard and ask God for support.
“To improve the country’s economic output, my administration will significantly expand and consolidate credit availability for individuals and important economic sectors in the coming year.”
The youth conference would start in the first quarter of 2025, the president hinted.
“Our dedication to young inclusivity and investment as nation-builders is demonstrated by the young Confab, which will start in the first quarter of 2025. The procedures for choosing representatives from our varied, young people to attend the conference will shortly be made public by the Ministry of Youth.
“Let me use this New Year’s message to encourage our governors and local council chairpersons to collaborate closely with the federal government to take advantage of new opportunities in tax reform, livestock, and agriculture and advance our country.
“Governors who have adopted our compressed natural gas project and introduced public transit powered by CNG deserve my praise. Those who have embraced electric vehicles as part of our country’s energy transition and mix deserve my congratulations as well. When the states need help, the federal government will always provide it.
“To all citizens: the sacrifices you have made over the last 19 months have not been in vain. Even in the upcoming months, I promise they won’t be in vain. Let’s continue the process of nation-building together. We shall get closer to the Nigeria of our dreams and the promising future we all want in the next year.
“The National Credit Guarantee Company will be established by the Nigerian government to increase risk-sharing options for businesses and financial institutions to accomplish this. The company is a collaboration between the private sector, multilateral organisations, and government organisations, including the Ministry of Finance Incorporated, the Nigerian Consumer Credit Corporation, the Bank of Industry, and the Nigerian Sovereign Investment Agency. It is anticipated to begin operations by the end of the second quarter.
“This programme will boost the financial system’s credibility, increase credit availability, and assist marginalised populations, including women and young people. It will promote reindustrialisation, growth, and higher living standards for our citizens. I want to personally thank you for believing in me to be your president. I am humbled by your trust and pledge to serve you with diligence and passion going forward. “We will continue to implement the necessary reforms to promote sustainable growth and prosperity for our country.”
“As we work towards a trillion-dollar economy, I always ask for your participation and partnership. Let’s be unified and focused.
“We are headed in the right direction towards creating a fantastic Nigeria that benefits all. The small percentage of our population that continues to view the world through the lenses of politics, race, geography, and religion should not divert our attention.
“We must improve as citizens and remain steadfast in our loyalty to Nigeria if we are to meet our national aims and ambitions.
“For the Renewed Hope Agenda to succeed, citizens’ moral integrity and faith in our nation are essential. Under the National Identity Project, we shall pledge to encourage adherence to moral standards, common values, and beliefs by 2025.
“The Federal Executive Council has already authorised the National Values Charter, which I will announce in the first quarter of 2025. To motivate folks to unite, I will initiate a comprehensive national orientation campaign that cultivates patriotism and love for our nation.
“Along with fostering trust and collaboration among our varied people, the Charter will encourage reciprocal obligations between the government and its constituents. As comprehensive and fundamental as our reforms are, they can only achieve the intended results if we have a common set of values and identities as well as an unwavering love for our nation.”
