Inflation, Food, Drug Prices Will Drop Drastically In 2025 – Tinubu

President Bola Tinubu has assured Nigerians of their resolve to boost food production and reduce inflation on food and drugs to 15 per cent, while strengthening the economy in 2025.

In his New Year message to the nation, Tinubu highlighted economic growth indicators, including lower fuel prices, rising foreign reserves and a stronger Naira, as signs of progress in 2024 that would continue into 2025.

He stated, “Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days.

“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.

“Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.”

The President said Nigeria’s stock market’s record growth had generated trillions of naira in wealth, adding that the surge in foreign investment reflected renewed confidence in the country’s economy.

Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.

He acknowledged persistent inflation and rising costs of essentials, vowing to intensify efforts to reduce inflation from 34.6 per cent to 15 per cent through reforms aimed at boosting food production and encouraging local manufacturing of drugs and medical supplies.

“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.

For the New Year, Tinubu promised to consolidate further 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,” he assured citizens.