As Nigeria gears up to welcome the New Year, stakeholders from various sectors, including manufacturing, academia, security, local government unions, and the Ijaw National Congress, have called on President Bola Tinubu to focus on ensuring a better economy in 2025.
These groups acknowledged the challenges faced in 2024, describing the year as “tough” and “difficult,” but expressed optimism that the new year will bring positive changes and improve the lives of Nigerians.
The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, reflecting on the underperformance of the manufacturing sector in 2024, stressed the need for substantial reforms to stimulate growth. He emphasized the full implementation of fiscal policy and tax reforms, which he hopes the National Assembly will approve in 2025. Ajayi-Kadir also urged the Central Bank of Nigeria to stabilize interest rates and settle the N2.4bn forex forwards owed to manufacturers.
Additionally, he called for the expansion of government credit facilities, with a particular focus on the promised N1tn in the stabilisation plan, which he believes will help mitigate the impact of limited access to credit. Addressing inflation and logistics costs, he urged the government to create better synergy between fiscal and monetary policies to foster sustainable economic growth.
In the education sector, Professor Emmanuel Osodeke, President of the Academic Staff Union of Universities, urged the Federal Government to prioritize creating a conducive educational environment for students. He highlighted the growing burden of student loans and stressed that current students should not face the financial struggles previous generations did not endure. Osodeke called for the protection of TETFUND and the reduction of unnecessary government expenditures, such as excessive foreign travel.
The Secretary-General of the Association of Local Governments of Nigeria, Mohammed Abubakar, called for the immediate implementation of local government autonomy, which was approved by President Tinubu. He stated that local governments should begin functioning autonomously to reduce hardship at the grassroots level.
Akeem Ambali, National President of the Nigeria Union of Local Government Employees, also stressed that true development could only occur when local government autonomy is fully implemented, including the direct crediting of local government accounts.
Security consultant Dr. Kabir Adamu urged President Tinubu to ensure the protection of lives and property in accordance with the Nigerian Constitution, which mandates the security of citizens.
Meanwhile, Ezonebi Oyakemeagbegha, National Publicity Secretary of the Ijaw National Congress, painted a bleak picture of Nigeria’s economy in 2024, describing it as a year filled with sacrifices for many Nigerians. He called on President Tinubu to address the high cost of fuel, advocating for a reduction in the pump price of petrol to N416 per litre. Oyakemeagbegha also stressed the need for the naira to be strengthened against the dollar and for improved power supply to support small businesses.
He further urged international oil companies to relocate their headquarters to the regions where they source their raw materials, to benefit the local economy.
As Nigeria prepares to move into 2025, these calls for reform and action highlight the urgent need for change and sustainable growth in the country’s economy.
