In his New Year message, Nigeria’s President Bola Tinubu reiterated his administration’s goal to reduce the country’s inflation rate from 34.6% to 15% by the end of 2025. During his address, Tinubu stated that his government will pursue the dual strategy of boosting food production and local manufacturing of essential drugs to achieve this goal. He acknowledged the ongoing challenges households face, particularly the high cost of food and basic drugs. Despite the difficulties, Tinubu expressed optimism for 2025, citing positive economic indicators. He reflected on economic progress made in 2024, noting a decrease in fuel prices, consecutive foreign trade surpluses, a slight recovery in the Naira’s value against the US dollar, and increased foreign reserves. Tinubu, who assumed office in May 2023, inherited an inflation rate of 22.41%. However, his economic policies led to a surge in inflation, resulting in a cost of living crisis for the country’s citizens.
SOURCE: NAIRAMETRICS
