2025: Tinubu Pledges to Tackle Rising Drug and Food Prices, Launches new Investments

• Prices of foodstuffs to come down in 2025, says President Tinubu
• CONFAB to launch this year

In a New Year’s address to Nigerians on Wednesday, the Federal Government outlined plans to combat the rising cost of food and essential drugs in 2025. The government also pledged to promote local manufacturing of vital medical supplies.

The President announced that a new company, a partnership involving government institutions, the private sector, and multilateral organizations, is set to begin operations by the end of the second quarter of 2025. Key participants in the venture include the Bank of Industry (BOI), Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Authority (NSIA), and the Ministry of Finance Incorporated.

In his speech, the President expressed optimism for the year ahead: "As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires."

Despite the challenges faced by citizens in 2024, the President assured the nation that the outlook for 2025 was positive. He highlighted recent economic progress, including a decline in fuel prices, foreign trade surpluses, rising foreign reserves, and the naira strengthening against the dollar. These developments have contributed to economic stability, though food and drug costs remain a major concern for many Nigerians.

The President emphasized the government's commitment to reducing these costs through increased food production and local manufacturing of essential drugs and medical supplies. He added, "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."

Looking forward, the President also vowed to improve access to credit for individuals and key sectors to boost the national economy.

Youth Conference and National Values Charter

The President also revealed that the Youth Confab would begin in the first quarter of 2025, reflecting the administration's commitment to youth empowerment. He stated, "The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders." The Ministry of Youth will soon announce how delegates will be selected from Nigeria's diverse youth population.

Additionally, the President announced plans to unveil the National Values Charter, which was approved by the Federal Executive Council. He explained that this initiative would promote national unity and patriotism: "The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population."

The President emphasized the importance of shared values and love for the country in achieving the administration's reform goals. "As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country."