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President Bola Tinubu has promised to boost the country’s economic output through the establishment of a National Credit Guarantee Company, to aid entrepreneurs and corporate organizations access to finances.
During the year, the president hinted his economic team would be working on reducing inflation from 34.6 percent to 15 percent.
Aside from that, Tinubu disclosed that within the year, his administration will be introducing policies that could aid a drastic reduction in food prices and cost of medical supplies.
The president gave the assurance on Wednesday while addressing Nigerians on the New Year which he described as a year of great promise with aim to fulfill collective desires.
He said: “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.
“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.
“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.
“To achieve this, the federal government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.
“The Company expected to start operations before the end of the second quarter is a partnership of 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”.
