Tinubu pledges support for manufacturers to lower food, drug prices

…Mulls National Credit Guarantee Company to fund businesses

President Bola Tinubu has promised to support local manufacturers to lower high food and drug prices across Nigeria.

In his New Year message on Wednesday, Tinubu said the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024, assuring that his administration would work to lower the cost of local manufacturing to make food and drugs easily accessible to Nigerians.

“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,” he said.

“We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.”

The president also said his administration plans to float a National Credit Guarantee Company to expand risk sharing instruments for financial institutions and enterprises.

The company, which is expected to start operations before the end of the second quarter, is a partnership among government institutions such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.

“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.

“By the grace of God, 2025 will be a year of great promise in which we will fulfill our collective desires.”

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The president, while admitting that 2024 posed numerous challenges to Nigerians and households, said 2025 will bring brighter days.

He harped on increases in foreign reserves and the prospect of naira rebound as evidence of his administration’s economic reforms, noting that these are indications that the economy will stabilise in 2025.

“Economic indicators point to a positive and encouraging outlook for our nation. Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters.

“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.”

The president reiterated his plans to reduce inflation from its current high of 34.6 percent to 15 percent, noting that “with diligent work and God’s help, we will achieve this goal and provide relief to all our people.”

He further said that his administration

will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

“I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

“We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.”

The president also promised to unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025.

“I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together. The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

“The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.”