President Bola Ahmed Tinubu has expressed optimism about Nigeria’s economic prospects, citing recent reforms and growth indicators.
In his Democracy Day address, Tinubu highlighted the country’s 3.4% GDP growth in 2024, increased foreign reserves, and stabilized Naira exchange rate.
“We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans.
“Our net foreign reserves have increased fivefold, and the Naira exchange rate has stabilised. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries.
“In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes and purchase life essentials.
“The improved economic performance is encouraging and validates the soundness of our policy measures,” the President said.
He also announced plans to empower young Nigerians with consumer credit and invest in critical infrastructure.
“This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit.”
The President emphasized the importance of cooperation between the executive and legislative branches, stating, “We must work together to make real the dream of Nigeria’s political and economic democracy.”
He also called for innovative legislation to encourage industrial development and job creation, even as he expressed confidence in Nigeria’s economic future, saying, “Our nation is not perfect, but it is strong. Our democracy is not invincible, but it is alive.”
