2023 was a power transition year for the Republic of Nigeria as President Tinubu took up a new mandate. On December 31, 2023 President Tinubu in his speech addressing the nation promised to reduce the high inflation rate which is now above 28% and the high under-employment rate in 2024. To ensure constant food supply, security and affordability, Nigeria aims to step up cultivation plans to 500,000 hectares of farmlands across the country to grow maize, rice, wheat, millet and other staple crops. The country is also focused on achieving a steady electricity supply across the country as part of its transformation plans in 2024.
The Republic of Nigeria in 2023 witnessed a peaceful, orderly and successful transfer of power from one administration to another, giving an opportunity to president Tinubu to uphold the democracy of the nation. President Tinubu in his speech addressing the nation on December 31, 2023, indicated the 28.77 trillion naira budget for 2024 aims to revamp the Nigerian economy, restore security within the borders, revitalize the floundering industrial sector, boost agricultural production, increase national productivity and set the country on an irreversible path towards national greatness.
“In my 2024 Budget to the National Assembly, I listed my administration’s 8 priority areas including national defense and internal security, job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security”.
Bola Tinubu, President of the Republic – Nigeria
Nigeria also hid to fight every obstacle that impedes business competitiveness. According to the Nigerian president Bola Tinubu, no meaningful economic transformation can happen without energy. In 2024, the country is therefore eager in furthering its step in the quest to restart local refining of petroleum products including the 650,000 barrels per day capacity Dangote refinery and the Port Harcourt refinery which shall fully come on stream.
“In this new year, we will race against time to ensure all the fiscal and tax policy reforms we need to put in place are codified and simplified to ensure the business environment does not destroy value. My message to investors and other business people has been the same. Nigeria is ready and open for business”.
Bola Tinubu, President of the Republic – Nigeria
Nigeria aims to implement a new national living wage for industrious workers in 2024, meanwhile, calling on the population, political opponents and civil societies to take part in the goal of achieving a better economic emergence.