President Bola Tinubu has vowed to address the rising economic challenges in the country, particularly the soaring costs of food and medicine, by launching the National Credit Guarantee Company.
In his New Year’s message delivered on January 1, 2025, the President reaffirmed the Federal Government’s commitment to alleviating the hardships faced by Nigerians, with a focus on boosting local production of essential drugs and medical supplies.
The National Credit Guarantee Company, set to begin operations in the second quarter of 2025, will be a joint effort involving key government bodies, including the Bank of Industry (BOI), the Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Authority (NSIA), and the Ministry of Finance Incorporated. The initiative will also engage private sector partners and international organizations to stimulate economic growth and support local industries.
"In this New Year, we stand at the threshold of a new era filled with hope and determination. With God’s grace, 2025 will be a year of substantial progress as we work together to make our collective dreams a reality,” President Tinubu stated, expressing optimism despite the economic challenges of 2024. "The signs are promising, and the economic trajectory indicates a brighter future ahead for Nigeria."
The initiative is seen as a critical step toward stabilizing the economy and improving access to essential goods, with particular attention to the pharmaceutical sector. The plan aims to ease the burden on Nigerians who have been grappling with inflation and high costs of living.
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