ON January 1, 2025, the President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu, GCFR, delivered his New Year address to the nation. His Address presented a message of hope and prospects for better days for the nation. The President’s address can be divided into three heads. These are: Achievements in 2024, Concern in 2024 and the Prospect for 2025.
The achievements in 2024
The President said that in 2024 fuel prices have gradually reduced. He also noted that there had been foreign trade surpluses in three consecutive quarters. This had led to increased foreign reserves and strengthened the naira when compared with the U.S. Dollars.
Concern in 2024
The President stated that the major concern for 2024 is the high cost of food and essential drugs in the nation. Hence, the Federal Government plans to tackle this concern as part of its plans for 2025.
Prospects for 2025
The Federal Government has proposed 7 areas to tackle the economic and political challenges of the nation in 2025. These are: 1. Boosting food production: The Federal Government plans to boost food production in 2025. The President therefore encouraged Governors and Local Government Chairpersons to work closely with the Federal Government to take advantage of emerging opportunities in agriculture and tax reforms. 2. Promotion of local manufacturing of essential drugs and other medical supplies. 3. Reduction of inflation from 34.6 per cent to 15 per cent. 4. Facilitating increased access to credit facilities: the Federal Government has announced the establishment of the National Credit Guarantee Company in 2025. The National Credit Guarantee Company is expected to partner with Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, the Ministry of Finance Incorporated, the Private Sector and Multilateral Institutions to make business loans available to person and institutions. This is intended to boost the national economy when executed.
- Establishment of the National Values Charter: the President also announced the desire to foster patriotism in the citizenry. This is because a patriotic citizenry is key to achieving the proposed national goals. Hence the President announced that in 2025, there will be the National Value Charter which is charged with fostering patriotism through national orientation campaigns, fostering trust in and cooperation with the Government.
- Commencement of the operation of the Youth Confab: The President informed Nigerians of the operation of the Youth Confab in 2025. This is to foster youth inclusiveness in governance and investments.
- Alternative fuel for transportation: the President encouraged Nigerians to take advantage of alternative fuel for transportation, especially the Compressed Natural Gas.
Reaction to the President’s New Year Message
I want to commend the President for these prospects for 2025. I believe that many Nigerians would have longed for the modalities to achieve many of the lofty and well-meaning ideas in the new year address of His Excellency. However, I believe this is where well-meaning Nigerians can contribute to the future of the country.
In view of the above, I have certain recommendations that can aid in achieving the prospects for 2025. However, my reactions will only address prospect 1 on food production,prospect 4 on increased access to credit facilities, prospect 5 on Patriotism and prospect 7 on transportation.
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Reaction to Prospect 1 on Food Production
Let me begin by congratulating the Attorney General of the Federation for the landmark judgement pronounced in July 2024 which granted financial autonomy to the Local Government. The Local Government is the closest government to the people. Their proximity is an advantage that can benefit the nation in its drive towards food security. Consequently, I advise that the Federal and State Governments should collaborate to provide agricultural equipment and seedlings for the Local Government.
The seedlings should be sold to farmers at gross discounts while the agricultural equipment should be available for hire at a grossly subsidised rate. This will in turn stimulate the development of mechanised agriculture in the country. Mechanised agriculture will give avenues to graduates to be involved in agriculture, thus creating employments for the teaming youths of this nation. We are at a point in history when the Nigerian economy cannot be salvaged by subsistent agriculture alone, but by mechanised farming for personal consumption, national sales and exports.
Additionally, western nations have a practice of subsidising agricultural products. This leads to offering these agricultural produces at low and competitive prices in the international market putting many African farmers at a disadvantage. The Federal Government can also introduce agricultural subsidies and tax waivers for agricultural products that will be exported. This will contribute immensely to our foreign reserves, thereby strengthening the Naira in the Foreign Exchange market.
Still on agriculture, America practices a grazing management practice. America has about 240 million acres (30 per cent of its land mass) as grazing reserves where farmers follow a grazing cycle. Farmers are allowed to graze in each grazing reserve for a specific period to ensure that the animals are well nourished and that they dropped enough manure on the land to build a healthy pasture soil, but not long enough to cause plant decline. This should be replicated in Nigeria. This will allow the animals to acquire necessary nutrients with minimal need for long journeys which have the effect of making the animals lean and wearing out the herders.
Reaction to the creation of the National Credit Guarantee Company in 2025
The National Credit Guarantee is established to provide credit facilities to individuals and institutions. The National Credit Guarantee Company is expected to partner with Bank of Industry, Nigerian Consumer Credit Corporation, Nigerian Sovereign Investment Agency, the Ministry of Finance Incorporated, the Private Sector and Multilateral Institutions to make these business loans available.
However, it has been the practice of the Government to restrict issuances of public grants to public institutions alone. An example will be TETFund, which is restricted to public tertiary institutions alone. Private companies are expected to personally source for funds to be established and then the Government will glean from them to bestow public establishments with competitive advantages above the private companies. If the private sector and multinationals will be able to adequately contribute to national development, then the narratives must change in 2025. Private companies should enjoy subsidies. This will justify the demand that private institutions should contribute to national development.
In addition to this, private institutions and establishments will be of immense benefit to the nation in developing alternative fuel source for transportation. Hence the nation will benefit more from empowering the private sector than it will lose.
Reaction to the establishment of the National Value Charter to foster Patriotism
Statistics has it that the average rate of emigration from Nigeria 0.280 to every 1000.
That is about 64,400 people leave Nigeria every year. Many of these are youths. The reason why they leave is because they are in search of a functional system that provides the basic necessities of income (means of livelihood), social amenities and security.
In addition, you will hardly hear of an American or Briton who will publicly declare that they dislike their nations. The secret is that they have the basic amenities provided by the government.
In Nigeria, the reverse is the case. Nigeria has a poor infrastructure, and the average Nigeria is forced to provide the basic necessity for himself/herself.
If the Federal Government can concentrate on the provision of basic amenities such as good roads, cheap, available and affordable transportation such as the rail systems, security, electricity, jobs, favourable investment clime for private businesses and multinational, education and all these at affordable costs, Nigerians will love their nations without the need to induce it.
Conclusion
There was a time when hunger and poverty wereunknownin Nigeria. Lord Macauley wrote this in his report to the English Parliament on 2nd February 1835. I believe that Nigeria can return to this time of high wealth and moral values. However, this can only be achieved if we cooperate with the Government to birth the change we desire to see in our beloved country. I want to appreciate His Excellency for the address to the nation. There is hope for Nigeria if we can collectively work together on the proposals made by President Tinubu. I urge other Nigerians that they should also make suggestions that will translate to national development in line with the prospects for 2025.
Nigeria belongs to all of us and it must not crumble in our time. Hence the government should not be abandoned to salvage the nation alone. When our promising youths see results, the need for them to japa stops immediately. This will not only be achieved from admonition, complaints or insults. Rather, it will be guaranteed by our cooperation to save our motherland.
Happy New Year Nigeria.
AARE AFE BABALOLA, OFR, CON, SAN, LL.D (Lond.)
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