President Bola Tinubu unveils plans to reduce food and drug costs by launching a new company and establishing a National Credit Guarantee Company. The initiatives aim to curb inflation, promote local manufacturing, and improve economic stability, with a focus on fostering growth, credit access, and national unity through ethical governance.
President Bola Tinubu has unveiled plans to establish a new company aimed at reducing food prices and boosting local production of essential drugs. Announced in his New Year address, the initiative is part of broader efforts to improve Nigeria’s economic stability and ease household expenses.
The company, set to begin operations by mid-2025, will involve partnerships between key government institutions such as the Bank of Industry (BOI), the Nigerian Sovereign Investment Agency (NSIA), and private sector stakeholders. Tinubu emphasized the need to address inflation at 34.6% by enhancing food production and supporting domestic manufacturing.
Additionally, the National Credit Guarantee Company will be established to expand access to credit for individuals and businesses. This initiative is expected to bolster financial confidence, foster industrial growth, and improve the standard of living, particularly for underserved groups like women and youth.
Tinubu highlighted economic progress in 2024, including a strengthened naira, record stock market growth, and increased foreign investment. However, he acknowledged persistent challenges, especially the high cost of essential goods.
Tinubu announced plans to introduce a National Values Charter in early 2025 to unite Nigerians further. This initiative will promote shared ethical principles, enhance trust between citizens and the government, and inspire patriotism.
The President called for collective efforts to achieve economic growth, urging citizens to rise above divisions of ethnicity and politics. He reaffirmed his commitment to sustainable reforms, aiming to steer Nigeria toward becoming a trillion-dollar economy.
