‘We’re on the path to food sovereignty’ – Tinubu unveils new consumer credit initiative for young Nigerians
In a bold move to empower the youth, President Bola Ahmed Tinubu has announced plans to launch a new consumer credit initiative in July aimed at benefiting 400,000 young Nigerians, including members of the National Youth Service Corps (NYSC). The announcement was made during a joint session of the national assembly in Abuja, coinciding with the celebration of Democracy Day.
President Tinubu highlighted the success of the Nigerian Consumer Credit Corporation (CREDICORP), which has already provided credit access to over 100,000 Nigerians, including 35,000 civil servants. “In less than one year, over one hundred thousand Nigerians have benefited from affordable consumer credit, enabling them to purchase vehicles and improve their homes,” he stated.
The initiative aims to give more opportunities to the younger generation through job creation and skills development. “We are committed to investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready and future-ready,” he emphasized.
Discussing the broader economic context, Tinubu pointed to positive signs of recovery, with GDP growth reaching 3.4 percent in 2024 and inflation beginning to stabilize. He noted, “Our net foreign reserves have increased five-fold, and the Naira exchange rate has stabilized.”
The president also announced the federal government’s efforts to improve digital connectivity through the laying of fiber optic cables across the country. This initiative is expected to revolutionize business operations and enhance internet access for students and communities.
Tinubu reiterated his administration’s commitment to achieving food sovereignty, stating, “We must learn to produce and grow most of our food, and we are on the path to achieving this.” He expressed confidence that the ongoing economic reforms are setting a solid foundation for future growth and investment opportunities.
Source: TheCable
