President Bola Tinubu has outlined key initiatives for 2025 aimed at reducing the cost of food and essential drugs, supporting local manufacturing, and expanding credit access to help drive economic growth. In his New Year address, Tinubu emphasized the establishment of a National Credit Guarantee Company to provide financial support to small and medium enterprises (SMEs), women, and youth, boosting credit access and facilitating business growth.
The new company, set to start operations by mid-2025, will partner with institutions like the Bank of Industry and Nigerian Sovereign Investment Agency, alongside private sector players. This initiative aims to strengthen financial systems and create opportunities for underserved groups.
The President also highlighted the government’s focus on promoting local food production and medical supplies manufacturing to address inflation and reduce the cost of living. Additionally, he encouraged SMEs to engage with the government’s Compressed Natural Gas (CNG) program to reduce transportation costs, which would benefit businesses by lowering operational expenses.
For MSMEs and SMEs, these policies promise increased access to credit, improved infrastructure, and a more stable economic environment, which could help in scaling businesses, fostering innovation, and ensuring a more competitive market in the long term.
