President Bola Tinubu has presented a cautiously optimistic outlook on Nigeria’s economy, crediting structural reforms for recent gains and unveiling fresh initiatives to boost youth empowerment and productivity.
Addressing the National Assembly during the 2025 Democracy Day commemoration, Tinubu said GDP growth had reached 4.6% in the final quarter of 2024—the highest in over a decade—while inflation was easing and foreign reserves had increased fivefold.
“We introduced fundamental reforms to correct structural imbalances that prevented maximum growth,” the President said, referencing improvements in the exchange rate, food prices, and sovereign credit ratings.
He announced that over 100,000 Nigerians, including 35,000 civil servants, had already benefitted from affordable consumer credit via the Nigerian Consumer Credit Corporation (CREDICORP), allowing them to purchase essentials like vehicles and home appliances. A new programme launching in July will extend credit access to 400,000 young Nigerians, including members of the National Youth Service Corps (NYSC).
Tinubu also touted investments in digital infrastructure and manufacturing, including a national fibre optic rollout to bridge the digital divide, and reiterated his administration’s commitment to food sovereignty and job creation.
“Our medium-term growth target remains an economy growing at a 7% clip with a stronger manufacturing base,” he said.
The President appealed to lawmakers for further collaboration in passing legislation that would support industrial expansion and improve food production. He also confirmed that comprehensive tax reform bills were awaiting his assent, describing them as “a model of democratic partnership.”
“We are creating a new environment in which industry and manufacturing can thrive,” Tinubu said, citing the recent establishment of a National Credit Guarantee Company and enhanced support for small businesses through tax exemptions and oversight by the newly created Office of the Tax Ombudsman.
