{"id":17504,"date":"2025-03-01T02:22:41","date_gmt":"2025-03-01T02:22:41","guid":{"rendered":"https:\/\/africadailyreport.com\/2025\/03\/01\/nigeria-president-says-end-in-sight-for-economic-crisis\/"},"modified":"2025-03-01T02:24:28","modified_gmt":"2025-03-01T02:24:28","slug":"nigeria-president-says-end-in-sight-for-economic-crisis","status":"publish","type":"post","link":"https:\/\/africadailyreport.com\/fr\/2025\/03\/01\/nigeria-president-says-end-in-sight-for-economic-crisis\/","title":{"rendered":"Nigeria president says end in sight for economic crisis"},"content":{"rendered":"\n

Abuja,\u00a0Nigeria – <\/a>Nigeria is heading towards the \u00ab\u00a0light at the end of the tunnel\u00a0\u00bb as the country grinds through the second year of a cost-of-living crisis, President Bola Tinubu said Friday.<\/h2>\n\n\n\n\n\n

The West African heavyweight has been beset with soaring inflation after Tinubu, elected in 2023, scrapped a costly fuel subsidy and liberalised the exchange rate for the naira currency.<\/p>\n\n\n\n

Though the government and international institutions such as the International Monetary Fund have said the reforms were much needed, ordinary Nigerians are going through the worst economic crisis in a generation.<\/p>\n\n\n\n

\u00ab\u00a0The past year tested our resolve but through the economic discipline and strategic reform, we achieved what many deemed impossible,\u00a0\u00bb Tinubu said, while signing this year’s 55.99-trillion-naira ($37-billion) budget.<\/p>\n\n\n\n

GDP figures released this week showed the Nigerian economy grew at 3.8 percent in the fourth quarter of 2024, the fastest in three years.<\/p>\n\n\n\n

Tinubu cited the growth — as well as forex reform, a raise to the minimum wage and an increase in government revenues to 21.6 trillion naira in 2024 — as evidence that the changes were working.<\/p>\n\n\n\n

\u00ab\u00a0After the initial turbulence… the take-off was very cloudy and uncertain,\u00a0\u00bb he said. \u00ab\u00a0Today, we see a light at the end of the tunnel.\u00a0\u00bb<\/p>\n\n\n\n

As Tinubu nears the halfway point in his first term as president, some analysts expressed cautious optimism this week when the GDP numbers were released, citing price stabilisation.<\/p>\n\n\n\n

When he presented his budget in December — initially proposed to cost 47.90 trillion naira — Tinubu said restoring macroeconomic stability and improved security would be key planks of 2025 government spending.<\/p>\n\n\n\n

Nigeria’s central and northern regions have suffered a jihadist insurgency for 15 years. Gangs with ties to Boko Haram and the Islamic State West Africa Province (ISWAP) have also gained a foothold.<\/p>\n\n\n\n

The government hopes for a better performing economy in 2025, with reduced petroleum imports as domestic refineries increase production and a bumper harvest that could reduce reliance on food imports.<\/p>\n\n\n\n

The country recently revised its inflation data, knocking down official year-on-year inflation in January to 24.48 percent, from December’s 34.80 percent figure.<\/p>\n\n\n\n

But many people continue to feel the squeeze, especially as rents soar in the economic capital, Lagos.<\/p>\n\n\n\n

Renters and real-estate agents have recorded rent spikes of between 100 and 200 percent in some parts of the mega-city.<\/p>\n\n\n\n

Those who saw smaller hikes were still looking at increases of 30 percent in some cases — a significant sum as many people’s salaries have not kept up with inflation.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\u00a9 Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"

Abuja,\u00a0Nigeria – Nigeria is heading towards the \u00ab\u00a0light at the end of the tunnel\u00a0\u00bb as the country grinds through the second year of a cost-of-living crisis, President Bola Tinubu said Friday. The West African heavyweight has been beset with soaring inflation after Tinubu, elected in 2023, scrapped a costly fuel subsidy and liberalised the exchange […]<\/p>\n","protected":false},"author":10,"featured_media":17502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"tdm_status":"","tdm_grid_status":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1864,1008],"tags":[2802,2803,1167,922,1170],"adr_country":[1085],"class_list":{"0":"post-17504","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-fr","8":"category-politics-fr","9":"tag-budget-fr","10":"tag-budgets-fr","11":"tag-economy-fr","12":"tag-nigeria-fr","13":"tag-politics-fr","14":"adr_country-nigeria"},"acf":{"post_version":""},"yoast_head":"\nNigeria president says end in sight for economic crisis - Africa Daily Report<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/africadailyreport.com\/fr\/2025\/03\/01\/nigeria-president-says-end-in-sight-for-economic-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria president says end in sight for economic crisis\" \/>\n<meta property=\"og:description\" content=\"Abuja,\u00a0Nigeria – Nigeria is heading towards the \u00ab\u00a0light at the end of the tunnel\u00a0\u00bb as the country grinds through the second year of a cost-of-living crisis, President Bola Tinubu said Friday. 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