By Chidipeters Okorie
As President Bola Ahmed Tinubu’s New Year speech reverberated across Nigeria, it was met with a mixture of optimism, cautious hope, and critical scrutiny from various segments of society. While many hailed the speech as a bold declaration of intent for national progress, others pointed to the lingering challenges that continue to affect ordinary Nigerians, expressing both hope and concern regarding the government’s ability to deliver on its ambitious promises.
For a significant portion of the Nigerian populace, Tinubu’s address was a welcome reminder of the nation’s potential for growth and prosperity. Economic analysts and business leaders, in particular, expressed cautious optimism regarding the president’s emphasis on economic reforms, including the stabilization of the naira, the reduction of inflation, and the increase in foreign investment.
A major highlight was the president’s announcement of plans to reduce inflation from its current level of 34.6% to 15%. According to economic expert and former Central Bank of Nigeria (CBN) official, Dr. Ngozi Chukwu, “This is an ambitious but necessary target. For too long, inflation has eroded the purchasing power of Nigerians. If President Tinubu’s government can achieve this, it will provide immediate relief to millions of households.”
The stock market’s remarkable growth in 2024, also mentioned in the speech, was lauded as a sign of investor confidence. “We have seen a resurgence in both local and foreign investments,” said Emmanuel Oke, a Nigerian investment strategist. “This growth signals that despite the hurdles of the past year, the fundamentals of Nigeria’s economy are strong. Investors are taking a wait-and-see approach, but the outlook is promising.”
Furthermore, President Tinubu’s call for greater youth participation and empowerment through initiatives like the Youth Confab also generated excitement. With Nigeria’s youthful population often sidelined in policy-making, many young Nigerians saw the announcement as a positive step towards inclusivity. “It’s encouraging to see the government focus on youth empowerment,” said Amina Yusuf, a university student and youth activist. “We’ve been waiting for more opportunities, and this could be the start of something transformative.”
While President Tinubu’s speech was met with optimism in some quarters, it also sparked skepticism, particularly regarding the ambitious economic targets set by his administration. Critics questioned the feasibility of reducing inflation from 34.6% to 15% within a year, given the complexity of the factors driving inflation, including global supply chain disruptions, rising energy prices, and the lingering impact of previous economic policies.
Lagos-based economist and author, Dr. Tunde Olanrewaju, expressed doubts, stating, “While the president’s goals are commendable, there is a need for realistic implementation strategies. Tackling inflation is not just about reducing fuel prices or boosting food production—it involves addressing structural issues such as the high cost of electricity, logistics, and regulatory challenges that stifle local manufacturing.”
Additionally, the president’s promise to lower the cost of food and essential drugs drew mixed reactions. Although Tinubu pledged to boost local production, critics noted that Nigeria’s agricultural and healthcare sectors remain burdened by inefficiencies, inadequate infrastructure, and a lack of effective policy frameworks. “The plan to promote local manufacturing of essential drugs is promising,” said Dr. Chika Oliseh, a public health expert. “However, for this to materialize, there needs to be a clear roadmap for addressing the chronic shortage of raw materials, as well as the lack of a functional distribution system.”
The launch of the National Credit Guarantee Company, which the president proposed to expand access to credit, also raised questions about its potential to truly empower small businesses and the underserved populations. “I’m concerned that this will just be another government initiative that doesn’t reach the people who need it most,” said Adebayo Oke, a small business owner in Ibadan. “Without proper oversight and transparency, the risk of this becoming a tool for the privileged few is high.”
Tinubu’s calls for national unity and moral rectitude resonated strongly with citizens who have become weary of the political divisions that often mar Nigeria’s national discourse. His plea to move beyond ethnic, regional, and religious differences found particular traction in the wake of the divisive 2023 presidential election. The president’s remarks on promoting national values through the launch of the National Values Charter were met with support from those advocating for a more cohesive national identity.
“The launch of the National Values Charter and the emphasis on patriotism and shared values is a step in the right direction,” said Senator Ngozi Okafor, a former legislator. “For far too long, our national discourse has been shaped by ethnic and religious divides. What we need now is a collective effort to heal those wounds and move Nigeria forward as one people.”
However, Tinubu’s message also sparked concerns about how the government would enforce such unity, especially when many Nigerians continue to feel excluded from the political process. “While I support the president’s call for unity, I believe there needs to be more concrete steps taken to address the grievances of ethnic minorities and marginalized groups,” said Olumide Ajayi, a political analyst. “It’s not enough to tell people to be patriotic; the government must ensure that every Nigerian feels represented and included.”
President Tinubu’s message of collaboration, particularly his appeal to state governors and local government officials, did not go unnoticed. Many governors have faced challenges in implementing federal policies, and the president’s call for unity at all levels of government was seen as a reminder of the need for effective coordination.
Several state governments have embraced the administration’s energy reforms, particularly in the adoption of Compressed Natural Gas (CNG) for public transport and electric vehicles as part of the national energy transition.
But some critics have pointed out that these reforms, while commendable, may not reach rural and underserved areas, where the majority of the population resides. “Urban centers like Lagos and Abuja will benefit from the CNG and electric vehicle initiatives, but what about rural communities?” asked Aisha Mohammed, an activist in Kano. “We need to ensure that these reforms benefit all Nigerians, not just those in the cities.”
As Nigeria steps into 2025, the president’s New Year address has laid out an ambitious blueprint for the country’s economic and social future. While many citizens share in the president’s optimism, particularly regarding efforts to curb inflation, empower youth, and promote unity, there remains a significant degree of skepticism about the ability of the government to meet its lofty targets.
For the average Nigerian, the next 12 months will be critical. The government’s ability to implement its economic and social reforms successfully—and to address the persistent challenges facing households—will determine whether 2025 will be remembered as a year of progress or unfulfilled promises. In the meantime, Nigerians remain hopeful, yet cautious, as they wait to see if the government’s plans can translate into tangible improvements in their daily lives.
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