The year 2024 will be remembered as a period of harsh reckoning for millions of Nigerians. When fuel subsidies were removed, unleashing an avalanche of price hikes, it became clear that the cost of reform would be borne disproportionately by the poorest. In markets once bustling with activity, traders stood idle as buyers counted every naira, unable to keep pace with skyrocketing inflation. Commuters abandoned buses they could no longer afford, walking miles to work. Families, once hopeful, watched their aspirations shrink along with their daily meals.
It was a year that exposed the fragility of promises in the face of systemic flaws, testing the resilience of a nation already stretched to its limits. Now, as 2025 dawns, the government’s lofty assurances of recovery are being met with wary skepticism. Will Nigeria be trapped in a cycle of unrealised potential, or can its leaders successfully go through this economic mess?
The statistics underscore a grim reality. A litre of petrol now costs an average of N1,074.83, a dramatic rise from N668.3 in January 2024. Public transport fares have tripled, while staples such as rice have become luxuries. A 50 kg bag of rice now fetches N75,000—an unimaginable cost for families whose incomes have stagnated. Even the revised minimum wage of N70,000 offers little respite against this relentless tide of price hikes.
These hardships are compounded by structural challenges. The naira’s 70 percent devaluation since 2023 has inflated import costs, while insurgencies in the northeast continue to disrupt agricultural production. Millions of Nigerians now face deepening poverty and malnutrition in a country grappling with insecurity and economic mismanagement.
In his New Year’s address, President Tinubu struck an optimistic tone, pledging to reduce inflation from its current 34.6 percent to 15 percent by the end of 2025. He promised to boost food and drug production, lower manufacturing costs, and expand access to credit. But can these promises be realized? Or will they join the long list of unfulfilled political ambitions?
While the administration’s push for structural reforms is commendable, their execution has been haphazard. The removal of fuel subsidies, though fiscally prudent, lacked the social safety nets needed to cushion its impact on vulnerable populations. This policy misstep has exacerbated inequality, disproportionately burdening low-income households who are least equipped to absorb the shock.
“Nigerians, weary of living on hope alone, need tangible results—lower food prices, better transport systems, and a stable economy.”
The target of reducing inflation to 15 percent appears overly optimistic. Without stabilising the naira and addressing domestic production deficits, achieving such a goal within a year borders on economic fantasy. These grandiose projections risk further eroding public trust—a commodity already in short supply.
Nigeria’s path to economic recovery must go beyond rhetoric. First, the government must prioritise investment in agricultural infrastructure to boost domestic food production and reduce import reliance. Second, targeted subsidies or conditional cash transfers should be reintroduced to provide immediate relief for the most vulnerable.
Addressing the insecurity that hampers agricultural and industrial productivity is equally critical. Without peace and stability, no economic policy can achieve its intended outcomes. Finally, the administration must engage meaningfully with stakeholders, from small traders to large manufacturers, to craft policies that reflect the realities on the ground.
President Tinubu’s vision for 2025 is ambitious, and his focus on local manufacturing and food production is a step in the right direction. Yet, the gap between lofty promises and pragmatic execution remains wide. Nigerians, weary of living on hope alone, need tangible results—lower food prices, better transport systems, and a stable economy.
As Nigeria enters 2025, the Tinubu administration faces a defining moment. Will it rise to the challenge, delivering on its promises and charting a course for sustainable growth? Or will it succumb to the inertia of past governments, leaving the shelves of households as empty as their faith in leadership?
To succeed, the administration must turn vision into action. This means implementing robust measures to ensure that promised reforms reach the grassroots. It requires fostering partnerships with private enterprises to accelerate local manufacturing and improve food security. Most importantly, it demands transparency and accountability at every stage of execution.
The stakes are high, not just for the millions of Nigerians longing for respite but also for the credibility of a government that cannot afford to fail. The world is watching, and so are the millions who can no longer afford to wait. The road ahead is daunting, but decisive leadership and unwavering commitment to the people’s welfare could transform this moment of crisis into a turning point for Nigeria’s future.
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