By Adedapo Adesanya

Nigeria will launch the National Credit Guarantee Company dedicated to increasing access to credit for individuals and critical sectors of the economy.

This was disclosed by President Bola Tinubu in his 2025 New Year’s Message to Nigerians on Wednesday, as he promised to look into the skyrocketing cost of living affecting citizens.

He said the move would help alleviate food costs and also promote local manufacturing of essential drugs and other medical supplies in the New Year.

According to the President, the new company, expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry (BOI) Nigerian Consumer Credit Corporation (NCCC), the Nigerian Sovereign Investment Agency (NSIA), the Ministry of Finance Incorporated (MOFI), the private sector and multilateral institutions.

“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.

“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.

“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

‘’I seek your cooperation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united,” the president said.

“As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.

“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.

President Tinubu said, “In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6 per cent to 15 per cent. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output,” he promised.

By Adedapo Adesanya

The latest United Nations data, as estimated by Worldometer, has projected that Nigeria will have a population of 237,527,782 by 2025.

According to the report, the country’s population will grow from 235,072,214 recorded in December 2024.

The statistics showed that between 2023 and 2024, the country’s population increased by 4,796,533.

This is as the US Census Bureau estimates released Monday, the world population increased by more than 71 million people in 2024.

This is a slight slowdown from the 75 million increase witnessed in 2023.

Worldometer’s report said Nigeria’s population is equivalent to 2.85 per cent of the total world population and the country ranks number six in the list of countries (and dependencies) by population.

The data places the most populated cities to be Lagos with 15,388,000 people, Kano at 4,910,000, Ibadan at 3,649,000, Abuja at 2,690,000 and Port Harcourt at 2,120,000, with 53.9 per cent of the population in the urban region at 125,447,884 people in 2024.

The population density in Nigeria is 255 per Km² (662 people per mi²) and the total land area is 910,770 Km² (351,650 sq. miles), the report said.

“The median age in Nigeria is 17.9 years while the life expectancy at birth for both sexes is 54.6 years.

“Females have a life expectancy of 54.9 years at birth while that of males is 54.3 years,” the report said.

The data projected the world population to reach 8.09 billion people on Wednesday, January 1, 2025.

Recall that Nigeria alongside seven other nations will push the world population to 9.7 billion in 2050 before reaching a peak of around 10.4 billion in the 2080s to 2100.

According to the United Nations, more than half of the projected increase in the global population up to 2050 will be concentrated in eight countries: the Democratic Republic of the Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines and the United Republic of Tanzania.

By Adedapo Adesanya

The African Development Bank (AfDB) is set to release $2.2 billion in funding to develop Special Agro-Industrial Processing Zones (SAPZ) across Nigeria, a move designed to transform the nation’s agriculture sector and tackle food insecurity.

Mr Abdul Kamara, the Director General of the AfDB, Nigeria Office, made the announcement during Channels Television’s 2024 End-of-Year Review with the theme Focus on the Agriculture Sector, Food Security, Research, and AfDB Investments.

Mr Kamara revealed that the disbursement will begin in 2025, with construction and mobilization starting in selected states.

“Specifically from next year (2025), we will see contracts signed and mobilization and construction on-site will start in some states. Of course, not all the states will start together,” he stated.

According to him, the SAPZ initiative is expected to significantly boost Nigeria’s agricultural productivity, create jobs and strengthen value chains, cementing the country’s position as a leader in agro-industrial development in Africa.

The fund is designed to drive the development of agro-industrial hubs, aggregation centres, and agricultural transformation programs that aim to enhance food security and unlock economic opportunities.

According to Mr Kamara, while the AfDB Board approved the SAPZ program in 2021, startup delays were caused by the need for agreements with the federal government and co-financiers, including the International Fund for Agricultural Development (IFAD) and the Islamic Development Bank (IsDB).

“When you approve a programme, you have to have it signed with the Federal Government, especially of that magnitude. You also have to have it signed with the co-financiers. The bank had to bring in IFAD and the Islamic Development Bank as co-financiers,” he explained.

The programme will initially target seven regions, including the Federal Capital Territory (FCT), Cross River, Ogun, Oyo, Kaduna, Kano, and Kwara. Kamara highlighted ongoing collaboration with state governors to streamline processes.

“In all the seven states, we are now in conversation and are publishing the bidding documents so that we’ll shorten the process. The project is picking up, and that is not strange for very complex projects,” he said.