The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has projected that Nigeria’s creative sector could generate up to $25 billion, following the completion of the National Arts Theater (NAT) upgrade. This historic edifice, refurbished by the Bankers Committee, is expected to serve as a major catalyst for economic growth through the creative industry. The Economic Impact of the National Arts Theater Upgrade Cardoso emphasized the significant economic potential of the creative sector during a tour of the renovated NAT. He highlighted how the theater could trigger collaborations that would further strengthen Nigeria’s economy. “It is estimated that the creative sector can potentially generate about $25 billion. The prosperity of the creatives will serve as a powerful signal for collaboration opportunities. Once something like this is successful, others will take a cue, and it will speak for itself,” Cardoso stated. The CBN governor also praised the partnership between the private and public sectors, noting that the collaboration, combined with the spirit of the Nigerian people, could elevate the nation’s creative industry to new heights. The Legacy of the National Arts Theater Reflecting on the history of the NAT, Cardoso recalled its significance during the 1977 FESTAC event. He expressed pride in the theater’s transformation from a state of disrepair to a world-class structure. He added, “For me as a Lagosian, I saw this in 1977 when we had FESTAC. Sadly, due to lack of maintenance, the iconic edifice fell into disrepair. To witness this massive transformation to a world-class structure is a testament to the Nigerian spirit.” A Bright Future for Nigeria’s Creative Industry Cardoso believes the revamped theater will provide a professional home for creatives and enhance the industry’s potential. The initiative showcases the dedication and commitment of the sponsors and the Nigerian people to preserve history and culture. For more insights on the impact of the creative industry on Nigeria’s economy, visit The Guardian Nigeria READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
The New Partnership for Africa’s Development Business Group Nigeria (NBGN) has embarked on a strategic rebranding initiative aimed at accelerating Nigeria’s economic development and fostering sustainable business growth. NBGN’s Renewed Commitment to Economic Development In a statement released to Vanguard, Bashorun Randle, Chairman of NBGN, highlighted the organization’s longstanding role in promoting economic advancement, regional integration, and sustainable growth in Africa. Over the years, NBGN has been instrumental in driving public-private partnerships and supporting Nigeria’s economic revitalization efforts. According to Randle, the rebranding is set to transform NBGN into a leading force in shaping economic policies, enhancing business growth, and fostering a sustainable economic landscape in Nigeria. He emphasized the organization’s commitment to engaging key stakeholders, including government bodies, private sector leaders, and development partners, to achieve these objectives. Key Areas of Focus in NBGN’s Strategic Rebranding The repositioning strategy will prioritize trade, investment, and industrial development, ensuring an enabling environment for businesses. Randle further explained that NBGN aims to collaborate closely with government agencies, private enterprises, and international partners to facilitate economic growth and policy development. Additionally, the organization will enhance direct engagement with major policymakers, including the Central Bank of Nigeria and the Ministry of Finance, to present structured policy recommendations aligned with Nigeria’s broader economic agenda. Call for Stakeholder Collaboration Randle urged all stakeholders—including government institutions, private enterprises, and the media—to actively support this vision. He reaffirmed that a unified effort can propel Nigeria’s economy forward, creating a more prosperous nation and contributing to Africa’s economic transformation. For more insights on economic development strategies, visit The World Bank READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Kindly Share:
Introduction The Centre for the Promotion of Private Enterprise (CPPE) has expressed support for the Central Bank of Nigeria’s (CBN) recent decision to pause interest rate hikes. Dr. Muda Yusuf, Chief Executive Officer of CPPE, described this move as a step in the right direction and aligned with economic expectations. CPPE’s Call for Future Rate Reductions Dr. Yusuf has recommended that the CBN consider reducing interest rates in the near future while expressing concerns about the high Cash Reserve Ratio (CRR). He highlighted that with the recently rebased inflation rate computation, Nigeria’s inflation has dropped to 24.48%, a level currently lower than the Monetary Policy Rate (MPR). Yusuf emphasized that maintaining the current rate prevents further financial strain on businesses and individuals with loan exposures. He suggested that a gradual easing of the current tightening measures would help stabilize the economic environment. Implications of High Monetary Policy Rate According to Dr. Yusuf, the current MPR exceeding the inflation rate puts excessive pressure on investors and businesses, making credit more expensive. He urged the CBN to gradually lower the MPR and ease the CRR to create a more favorable economic climate. Impact on Commodity Prices and Economic Stability Dr. Yusuf noted that prices of key commodities, such as petroleum motor spirit (PMS), diesel, pharmaceuticals, and other essential goods, are beginning to decline. He emphasized that maintaining exchange rate stability would contribute to further reductions in product prices, easing inflationary pressures on consumers. Concerns Over Nigeria’s High CRR One of the key issues raised by Yusuf is Nigeria’s CRR, which currently stands at an unprecedented 50%—the highest globally. He pointed out that the closest comparison is Turkey, with a CRR of 25%, and argued that Nigeria’s economic conditions do not justify such a high reserve requirement. Yusuf recommended a reduction in the CRR to enable financial institutions to channel more credit into the real economy, thereby fostering economic growth. Wide Asymmetric Corridor and Its Economic Impact The CPPE also raised concerns about the asymmetric corridor of +500/-100 basis points, stating that it is too wide and could disconnect the financial sector from the real economy. If the current trajectory continues, it may stifle economic expansion and limit access to funding for businesses. CBN’s Monetary Policy Decision During its 299th meeting, the Monetary Policy Committee (MPC) opted to maintain the MPR at 27.5%, along with the asymmetric corridor of +500/-100 basis points. Additionally, the CRR was retained at 50% for Deposit Money Banks (DMBs), 16% for Merchant Banks, and the Liquidity Ratio at 30%. Conclusion Dr. Yusuf urged the CBN to reassess its monetary policy stance and adopt a more flexible approach that fosters economic growth. He stressed the need to relax both the MPR and CRR in future MPC meetings to ensure that businesses and investors can access credit at reasonable costs. For more insights on Nigeria’s monetary policy decisions, visit the Central Bank of Nigeria’s official website. READ ALSO Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Kindly Share:
Olu of Warri Not Involved in Oil Bunkering – Erewa Refutes Claims Chief Godday Oritsewino Erewa, a respected leader from the Etikan Kingdom in Ondo State and the Oritsuwa of Warri Kingdom, has firmly dismissed allegations accusing the Olu of Warri, Ogiame Atuwatse III, of involvement in oil pipeline vandalism and illegal bunkering. He described these claims as baseless, malicious, and a deliberate attempt to tarnish the reputation of the highly revered monarch. As the Chairman of the Psychometric Recruitment and Professional Training Institute, Erewa urged the public to disregard such false narratives, emphasizing that they are rooted in misinformation and driven by hidden agendas. “These accusations lack any factual basis and are mere fabrications intended to discredit a leader committed to peace and sustainable development,” Erewa stated. A Leader Committed to Security and Growth Erewa expressed concerns that these false claims could escalate ethnic tensions and damage the monarch’s reputation. He highlighted that under the leadership of Ogiame Atuwatse III, the Warri Kingdom has witnessed remarkable stability, investment inflow, and enhanced security, including efforts to protect vital oil infrastructure. Rather than being involved in illegal activities, the Olu of Warri has actively collaborated with government agencies and industry stakeholders to curb criminality and safeguard national assets, Erewa emphasized. Monarch’s Achievements in Economic Development Erewa praised the Olu of Warri’s dedication to driving economic prosperity, noting that his initiatives have: These efforts, Erewa added, have positioned Warri Kingdom as a thriving hub for business and economic development. As an expert in security and pipeline protection, Erewa acknowledged the monarch’s strong partnerships with government agencies and oil companies, which have significantly improved security and economic activities in the Niger Delta. Call to Disregard False Accusations Condemning the baseless allegations, Erewa stressed that the Olu of Warri is a champion of progress, not destruction. He urged Nigerians to critically assess misleading claims and instead recognize the monarch’s unwavering dedication to national development. “The Olu’s integrity and visionary leadership continue to drive growth and prosperity in the Warri Kingdom,” Erewa affirmed. Standing in Support of the Olu of Warri Erewa called on the people of Warri and the entire Niger Delta region to stand by their monarch, dismissing these false accusations as mere distractions from his significant contributions. “History will continue to celebrate the impact of Ogiame Atuwatse III, and his legacy of development and peace will remain unshaken,” Erewa concluded. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Governor Biodun Oyebanji of Ekiti State has announced the official presentation of the N375.7 billion 2025 budget, signed into law on December 30, 2024. In a key statement, the government confirmed that no borrowing had been undertaken to fund any projects, sticking to its policy of zero borrowing in project financing. During the public breakdown and analysis of the 2025 budget at Jibowu Hall, Government House, Ado-Ekiti, Femi Ajayi, the Commissioner for Budget and Economic Planning, highlighted the administration’s commitment to sustainable growth and improved welfare for citizens. The budget, tagged “Budget of Sustainable Impact,” is aligned with the state’s six pillars of development. Ajayi further detailed the revenue projections for the 2025 fiscal year, noting that the budget would be largely funded by state revenue estimates, including 45% from federal allocations, 15% from Value Added Tax (VAT), 21% from grants by both domestic and international development partners, 8% from state-generated revenue, and 7% from loans aimed at financing specific capital projects. The goals of the 2025 budget include human capital development, expanding the state’s revenue base, enhancing agriculture and food security, completing key developmental projects, fostering employment, upgrading healthcare, advancing the digitalization of public service, promoting development partner collaborations, and increasing productivity. Ajayi emphasized the administration’s dedication to financial discipline and ensuring that every expenditure generates optimal value for the people. The budget was crafted to cater to the most critical sectors of the economy without overstretching the state’s financial capacity. In his conclusion, Ajayi reiterated that the administration of Governor Oyebanji had adhered strictly to its zero borrowing policy. While existing debts are being serviced, no new borrowing has been undertaken to fund state projects. He expressed confidence in the state’s economic growth and urged the people to continue supporting the government’s efforts to create a self-sufficient Ekiti State for future generations. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Central banks play a pivotal role in stabilizing a nation’s currency and economy through the implementation of monetary policies. However, their actions are often misunderstood, especially during times of economic challenges. According to PwC, it is crucial for central banks to communicate their objectives clearly and effectively to foster a proper understanding and positive public perception. This becomes even more important during economic stress periods. The Central Bank of Nigeria (CBN) has been proactively working on various policy options aimed at reviving the economy, despite significant challenges. When the current CBN leadership, under Governor Olayemi Cardoso, assumed office, it inherited an economy grappling with a failed naira redesign policy, rising inflation, and a volatile exchange rate. During his Senate screening, Cardoso acknowledged these issues but expressed optimism in the bank’s ability to implement policies that would stabilize the economy and improve public perception of the CBN. Governor Cardoso, a seasoned banker and public policy expert with a Master’s in Public Administration from Harvard Kennedy School, has a rich background in the financial sector. Prior to his appointment, he served as the Chairman of Citi Bank Nigeria and Commissioner for Economic Planning and Budget in Lagos State. Upon taking office, Cardoso was quick to refocus the CBN’s operations, aiming to minimize inefficiencies and enhance its core functions. This included returning to traditional monetary policy tools and separating the blurred lines between monetary and fiscal policies. Under Cardoso’s leadership, the CBN has centered its efforts on its primary responsibilities—setting interest rates, controlling money supply to achieve stability, formulating monetary policy, managing foreign reserves, and advising the government. One key policy carried forward from the previous administration is the unified and free-floating exchange rate regime. While this approach was supported by the World Bank, some experts warned of potential currency crises, especially as the naira depreciated to N945/USD after its implementation. The free-floating exchange rate offers several advantages, such as attracting foreign investments and allowing the currency to adjust naturally to economic changes. However, it also comes with risks, including volatility, speculation, and the possibility of worsening economic conditions in a struggling economy. Exchange rate management is a critical factor in determining trade flows and the overall health of the economy, with imports and exports playing a significant role. Currency speculation poses a serious challenge to the economy, as it is not backed by any real economic activity but driven by the motive to profit from currency fluctuations. Speculators often destabilize the currency by buying when prices are expected to rise or selling when the currency weakens. To combat this, the CBN has introduced several creative policy measures. For example, the Bank has used dollar injections into the foreign exchange market to stabilize the naira and launched the Price Verification System (PVS) portal for importers and exporters. Additionally, the CBN has directed Bureaux de Change (BDC) to align their exchange rates with those in the Importers and Exporters (I&E) Window to enhance the efficiency of the foreign exchange market. In December 2024, the CBN introduced the Electronic Foreign Exchange Matching System (EFEMS), an online platform designed to match buy and sell orders for foreign exchange transactions. EFEMS aims to reduce speculation and distortions in the market, enabling real-time price discovery. Early reports suggest that EFEMS has helped stabilize the naira’s volatility. On inflation, the CBN has adopted an explicit inflation-targeting framework to improve the effectiveness of its monetary policies. Looking ahead, the CBN is targeting an inflation rate of 15% in 2025 and projects a 4.17% GDP growth, surpassing the 3.2% forecast by the International Monetary Fund (IMF). While the full impact of these policy measures may take time, the CBN is confident in their ability to bring about the desired economic improvements. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Discover the implications of Nigeria joining BRICS, including economic growth, foreign investments, and enhanced global influence. Explore benefits and challenges in this new partnership. Nigeria has officially joined BRICS as a partner country, marking a significant milestone for one of Africa’s largest economies. This inclusion integrates Nigeria into a dynamic coalition of emerging market nations, offering opportunities to bolster economic growth, strengthen global influence, and enhance strategic partnerships. Understanding BRICS BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is a powerful alliance of emerging economies. Initially established in 2009 by Brazil, Russia, India, and China, the bloc aims to provide a counterbalance to the G7, the group of leading industrialized nations. South Africa became the fifth member in 2010, and BRICS has continued to expand, welcoming Iran, Egypt, Ethiopia, and the United Arab Emirates last year. With Nigeria’s inclusion, the bloc now has nine partner countries: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, Uzbekistan, and Nigeria. Why Nigeria Joined BRICS According to Brazil, the current chair of BRICS, Nigeria’s economic goals align closely with those of the group. This strategic decision, announced by the Ministry of Foreign Affairs, is set to foster economic cooperation and open avenues for trade and investment. Key Benefits of Nigeria’s Inclusion in BRICS Challenges to Consider While the potential benefits are immense, Nigeria faces some challenges: Looking Ahead Nigeria’s journey as a BRICS partner has just begun. To maximize the benefits, the government must: This landmark decision is poised to reshape Nigeria’s economic and political trajectory, solidifying its position as a key player in the global arena. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
The Export-Import Bank of the United States (EXIM) and the Nigerian Export-Import Bank (NEXIM) have signed a groundbreaking memorandum of understanding (MOU) aimed at boosting trade relations between the two nations. Reta Jo Lewis, President and Chair of EXIM, signed the agreement on behalf of the U.S. Export-Import Bank, while Abba Bello, Managing Director and CEO of NEXIM, represented the Nigerian Export-Import Bank. Strengthening Trade Opportunities During the signing ceremony, EXIM President Reta Jo Lewis emphasized the growing potential for U.S. exports to Nigeria in key sectors such as critical minerals, clean energy, aviation, and infrastructure. She expressed confidence that the MOU would create significant opportunities for U.S. businesses, enhancing their presence in these crucial industries. NEXIM’s Managing Director, Abba Bello, also highlighted the importance of the agreement, calling it a key milestone in strengthening trade ties between Nigeria and the U.S. He noted that the collaboration would provide Nigerian businesses with greater access to trade financing and facilitate smoother trade flows between the two countries. Collaboration for Growth and Economic Development The MOU reflects both nations’ commitment to fostering stronger trade and economic cooperation, particularly in sectors like clean energy, critical minerals, aviation, maritime transport, digital connectivity, and infrastructure. The partnership is expected to generate new opportunities for mutual growth. “Nigeria is the second-largest U.S. export destination in Sub-Saharan Africa, but there’s still so much room to expand,” said Chair Lewis, signaling the immense untapped potential for increased trade between the countries. A Promising Future for U.S.-Nigeria Trade The collaboration will also focus on using EXIM’s medium- and long-term loan guarantees or direct loans to support U.S. exports to Nigeria, enhancing the competitiveness of businesses in both nations. This partnership aligns with EXIM’s mission to foster economic growth and job creation by supporting U.S. exports. EXIM’s Commitment to Sub-Saharan Africa This MOU directly supports EXIM’s mandate to promote trade in Sub-Saharan Africa. Over the past three years, EXIM has approved around $4 billion in authorizations to assist U.S. exports to the region, reinforcing its role in advancing American economic interests. About EXIM The Export-Import Bank of the United States (EXIM) is the country’s official export credit agency. EXIM supports American jobs by facilitating U.S. exports through various financing options, including credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM plays a crucial role in contributing to U.S. economic growth and supporting businesses and supply chains across the nation. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
The Federal Government of Nigeria has addressed recent remarks by the 16th Emir of Kano, Muhammadu Sanusi II, regarding the economic policies under President Bola Ahmed Tinubu’s administration. In a statement released on Thursday, the government made it clear that it does not require external validation to pursue its economic reforms aimed at stabilizing the country’s economy. The government’s response came after Emir Sanusi’s comments at a public event in Lagos, where he acknowledged the need for reforms but chose not to publicly support the government’s efforts. The government found this position “amusing,” especially given Sanusi’s leadership role, which calls for transparency and fairness. The statement expressed disappointment over Sanusi’s subtle criticism of reforms that are globally recognized as essential, including by Sanusi himself in the past. The government noted that, as an economist, Sanusi has a responsibility to support policies that promote national progress rather than undermine them due to shifting political loyalties. The government emphasized that Nigeria is at a critical point where decisive actions are necessary to address long-standing economic challenges. These reforms, the statement argued, are not just important but unavoidable, acknowledging that the temporary challenges Nigerians are facing are the result of years of mismanagement. Progress made so far, such as the unification of exchange rates and the removal of fuel subsidies, has already shown positive results, the government stated. These steps have increased investor confidence and freed up resources for key sectors like healthcare, education, and infrastructure. According to projections from international bodies like the World Bank, Nigeria’s GDP is set to rise, signaling an economic recovery. The government called for unity and collaboration from all Nigerians, urging leaders to avoid rhetoric that undermines public trust and instead work together for the country’s collective benefit. In closing, the statement urged leaders and citizens to prioritize Nigeria’s future, emphasizing the shared goal of a prosperous and better nation. SEO Optimization Notes: READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Learn how the National Bureau of Statistics (NBS) plans to include hidden and illegal activities in Nigeria’s GDP calculations, enhancing economic accuracy and transparency. The National Bureau of Statistics (NBS) recently announced its decision to include illegal and informal activities, such as prostitution and drug trafficking, in the computation of Nigeria’s Gross Domestic Product (GDP). The bureau also proposed 2019 as the new base year for GDP calculations and 2024 for inflation assessment, aiming for more accurate economic insights. These updates were revealed during a sensitization workshop on GDP and Consumer Price Index (CPI) rebasing, organized in partnership with the Nigerian Economic Summit Group (NESG). According to NBS, the decision to adopt 2019 as the base year stems from the year’s relative economic stability compared to later years, which were disrupted by COVID-19 and policy changes. The updated GDP calculations will cover emerging sectors like the digital economy, modular refineries, pension fund administrators, the National Health Insurance Scheme (NHIS), and illegal or informal activities. Dr. Baba Madu, Head of National Accounts at NBS, elaborated on the inclusion of illegal activities, explaining that it aligns with the System of National Accounts (SNA 2008), which many countries follow. “Some nations rely heavily on illegal activities like drug trading to drive their economies,” Madu noted. He added that while such activities lack legal recognition in Nigeria, they contribute to income generation. Challenges, however, remain in obtaining reliable data and dealing with the legal and cultural implications. On hidden economic activities, Madu emphasized the difficulty of capturing accurate earnings from individuals or businesses operating informally. For instance, small shop owners who secretly trade illegal items or underreport their income pose measurement challenges. Nonetheless, these activities contribute a small fraction—less than 3.5%—to Nigeria’s GDP. Importance of GDP and CPI Rebasing Statistician-General Prince Adeyemi Adeniran stressed the significance of the rebasing exercise. He noted that as economies evolve, new industries emerge, and consumption patterns shift, statistical tools must reflect these changes. The rebasing ensures that economic indicators accurately depict Nigeria’s current realities, which is essential for informed policymaking, strategic planning, and governance. Dr. Tayo Aduloju, Chief Executive Officer of NESG, also highlighted the benefits of GDP rebasing. He explained that accurate data boosts credibility and investor confidence. For example, Nigeria’s debt-to-GDP ratio dropped from 19% to 11% following the 2014 rebasing, enhancing the country’s creditworthiness and attractiveness to foreign investors. Aduloju further noted that rebasing enables governments to pinpoint high-growth sectors for expansion and low-growth areas for intervention, fostering balanced economic development. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Oyo State Governor, Seyi Makinde, has pledged that his administration will prioritize easing economic challenges and empowering residents in 2025. In a New Year message broadcasted via the Broadcasting Corporation of Oyo State (BCOS), the governor outlined his plans to improve living standards and create an environment for economic growth. Governor Makinde emphasized his commitment to boosting residents’ spending power and reducing financial hardships through strategic initiatives and impactful projects. Reiterating these promises during a Crossover Service at Livingspring Chapel International, Ibadan, he vowed to uphold the mandate given to him by the people of Oyo State. Key initiatives for 2025 include the transformation of Ibadan Airport in Alakia into an international hub, progress on the Ibadan Circular Road project, and increased public awareness about governance and responsibilities. The governor also stated his administration would enforce stricter measures against traffic violations and enhance the rule of law. Reflecting on 2024, Governor Makinde noted it was a challenging year for Oyo State, marked by economic hardships and significant tragedies, such as the Bodija explosion and the Islamic High School stampede that claimed lives. He acknowledged the resilience of the people while assuring them of his government’s efforts to provide support and prevent such occurrences in the future. Despite nationwide economic difficulties and inflation in 2024, Makinde’s administration remained focused on lifting residents out of poverty. Initiatives included positioning Oyo State as an economic hub, attracting investments like Africorp Consortium and Shell Nigeria Gas, completing the first phase of the Independent Power Project, and launching the construction of the second agribusiness industrial hub in Eruwa. Makinde stated: “These tragedies and economic challenges pushed us to reassess our strategies. We took decisive steps to secure lives, improve governance, and foster prosperity. In 2025, we aim to do even more for our people.” The governor also assured residents of a brighter future, calling for their continued support. He highlighted plans to adopt proactive measures, enhance public awareness through agencies like OYMASED, and leverage technology to prevent avoidable disasters. In conclusion, Governor Makinde expressed gratitude for the opportunity to serve and wished everyone a prosperous 2025. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Discover President Tinubu’s plans for 2025, including the establishment of a National Credit Guarantee Company to lower food and drug prices, expand credit access, and foster economic growth. Tinubu Unveils 2025 Strategy to Reduce Food and Drug Costs ABUJA — President Bola Ahmed Tinubu has announced the Federal Government’s commitment to alleviating the burden of high food and drug prices through the establishment of a National Credit Guarantee Company (NCGC). The initiative, set to launch in mid-2025, is aimed at promoting local manufacturing, stabilizing costs, and expanding credit access for underserved groups like women and youth. In his New Year address, Tinubu urged state governments to embrace the federal Compressed Natural Gas (CNG) initiative, designed to cut transportation costs for Nigerians. Additionally, he highlighted the upcoming Youth Conference, which promises to foster youth inclusivity and nation-building efforts in the first quarter of 2025. Key Highlights of Tinubu’s Address National Credit Guarantee Company to Combat Inflation Tinubu revealed that the NCGC will collaborate with major institutions, including the Bank of Industry (BOI), Nigerian Sovereign Investment Agency (NSIA), and the Ministry of Finance Incorporated. This company will strengthen financial system confidence, enhance access to credit, and support economic growth. “2025 will bring brighter days, marked by strengthened economic stability and reduced inflation,” Tinubu assured. Boosting the Economy The President noted several economic improvements in 2024: Youth Inclusivity and Development In response to the 2020 #EndSARS protests, Tinubu reaffirmed his commitment to youth empowerment. The planned Youth Confab, set for Q1 2025, will enable young Nigerians to contribute to national development. “The youth are the builders of our nation’s future,” he said. The Ministry of Youth will soon outline the criteria for selecting diverse representatives for the conference. Calls for Collaboration Tinubu called on state and local governments to partner with the federal government in agriculture, tax reforms, and energy initiatives like CNG adoption and electric vehicles. PDP’s Reaction to Tinubu’s Address Meanwhile, the Peoples Democratic Party (PDP) criticized Tinubu’s speech, urging him to present immediate and concrete solutions to food insecurity, fuel costs, and national insecurity. According to PDP spokesperson Debo Ologunagba, “The government must go beyond rhetoric and address pressing challenges like hunger, corruption, and unemployment.” The PDP also demanded accountability for funds generated from the removal of the fuel subsidy and transparency in addressing past injustices, including the 2020 EndSARS protests. Looking Ahead Tinubu urged Nigerians to remain united, emphasizing his administration’s reforms and dedication to fostering a $1 trillion economy. He also announced plans to launch the National Values Charter in early 2025, promoting shared values and patriotism among citizens. “This New Year marks a turning point. Together, we will build a brighter future,” Tinubu concluded. By adopting these strategies, Tinubu aims to navigate Nigeria toward economic prosperity while addressing critical challenges. As 2025 unfolds, Nigerians anticipate seeing tangible results from these initiatives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Kindly Share:
Gov. Ahmed Ododo of Kogi State has officially signed the 2025 budget appropriation bill, valued at N582.4 billion, into law. The signing ceremony took place on Monday at the Glass House in Lokoja’s Government House. According to Kingsley Fanwo, the state’s Commissioner for Information and Communication, this development marks a significant step toward implementing the state’s financial plan for 2025. Key Highlights of the 2025 Budget: Legislative Support During the signing ceremony, Aliyu Umar, Speaker of the Kogi State House of Assembly, presented the appropriation bill to the governor. He urged the governor to ensure equitable distribution of the budget’s implementation across all state constituencies for balanced development. Gov. Ododo’s action reflects his dedication to shaping Kogi’s financial future, with a vision to positively impact the economy and improve residents’ lives. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
