Victor Ezeja
Nigeria’s President, Bola Tinubu, has called for support of the National Assembly in crafting innovative laws that support industrial development, job creation, and scaling up food production in the country.
Tinubu emphasised that such an approach would create a conducive environment for social and economic development.
Join our WhatsApp ChannelThe president made the call on Thursday during his special address at the joint session of the National Assembly to mark the country’s Democracy Day.
He highlighted his administration’s efforts towards putting the country on the path to sustainable development through bold economic reforms.
These reforms include the removal of subsidies, foreign exchange harmonization, and tax reforms, among others.
According to him, the reforms have “placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made. “
He said the reforms have started yielding results in terms of GDP growth, decline in inflation rate, and surge in the net foreign reserves and relative stability of the naira in the foreign exchange market.
“We are already seeing results. GDP grew by 3.4 per cent in 2024, with Q4 hitting 4.6 per cent, the highest quarter of growth in over a decade. Inflation is easing gradually, steadying the price of food staples like rice and beans,” Tinubu stated.
“Our net foreign reserves have increased fivefold, and the Naira exchange rate has stabilised. Our balance of payments position is positive; our sovereign credit rating is improving as we continue to promote oil and non-oil exports. States now do not need to go about borrowing to pay salaries.”
Urging the lawmakers to support his administration, Tinubu said: “I ask you, the legislature, to join me as we enter the second half of our term to put forth innovative legislation that further encourages industrial development and job creation in our urban centres while also drafting laws that improve food security and production.”
READ ALSO: Tinubu’s Govt Has Borrowed More Than Yar’Adua, Jonathan, Buhari Administrations Combined – Obi
He revealed that over one hundred thousand Nigerians, including civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, improve their homes and purchase basic necessities for life. He indicated that the Federal Government would, in July, launch another consumer credit initiative to empower four hundred thousand young Nigerians, including youth corps members.
“We are committed to giving more opportunities to young people through job creation and skills development. Through such programs as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready,” the president added.
He also hinted at efforts to lay fibre optic cables across Nigeria, pointing out that it is a step toward bridging the digital divide and fostering greater connectivity in the country, among other benefits to entrepreneurs.
He further stated that the “Nigeria First” policy will further enhance progress on the economic front by encouraging local production.
READ ALSO: Tinubu’s Govt Has Borrowed More Than Yar’Adua, Jonathan, Buhari Administrations Combined – Obi
He reiterated that his administration’s medium-term growth target remains an economy growing at 7 per cent with a stronger manufacturing base. “We must learn to produce and grow most of our food, and we are on the path to achieving food sovereignty,” he admonished.
Tinubu emphasised the need for better collaboration by National Assembly members across party lines in passing the bills needed to actualize his administration’s bold ambitions.
“Your collaboration across party lines on these bills has been a model of democratic partnership. As elected leaders, we must continue to do more to make real the dream of Nigeria’s political and economic democracy.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
