Opinion

2025: A Glimmer of Hope For Nigeria?

Published

2 weeks ago

Feb 1, 2025.

Lagos Assembly Speakership: Power, Privilege, and a Hidden Curse? (Part II)

2025: A Glimmer of Hope for Nigeria?
President Tinubu’s Renewed Hope Agenda on the front burner
Can Nigeria Retain its Lost Glory

The last two years have been nothing short of a financial and economic rollercoaster for Nigerians. While 2023 was tough, 2024 was even tougher, with the cost of living soaring to unprecedented heights.

The depreciation of the naira, surging fuel prices, and skyrocketing costs of essential goods made everyday life a struggle for the average Nigerian. However, two months into 2025, there seems to be a faint light at the end of the tunnel.

One of the most significant developments has been the activation of local refineries, particularly the Dangote refinery and two others.

For decades, Nigeria, despite being an oil-producing country, had been shackled by the inefficiency of importing refined petroleum products.

The new refineries, now fully operational, have led to a noticeable reduction in pump prices. While fuel costs remain high, the trend suggests that further reductions may follow, which could have a ripple effect on the prices of goods and services.

Another positive shift is in the exchange ate. After months of the naira’s relentless fall against the dollar—hitting an all-time high of ₦1,650 per dollar—it has now appreciated to ₦1,450. While this is still far from the stability Nigerians desire, it represents a move in the right direction. A stronger naira, if sustained, will help reduce the cost of imports and provide some relief to businesses and households alike.

Security, one of the country’s biggest challenges, has also seen notable improvements. Boko Haram’s activities have been significantly disrupted, and armed robbery cases have reportedly declined. Kidnapping, however, remains a pressing issue, though joint security forces continue to pledge their commitment to protecting lives and property. Nigerians remain cautiously optimistic that further efforts will be made to combat insecurity.

Another noteworthy development is the implementation of a new minimum wage across several states.

The announcement that corps members will now receive a monthly allowance of ₦77,000 from February is a welcome relief, especially considering the financial struggles young graduates face in the country. If this wage increase is matched with improved purchasing power and inflation control, it could contribute to better living standards.

All these factors—local refining of crude oil, a stronger naira, improved security, and a higher minimum wage—suggest that President Tinubu’s Renewed Hope agenda may finally be taking shape. However, this progress must be sustained for Nigerians to truly feel the impact.

For many, the memory of economic hardship in 2023 and 2024 remains fresh, and skepticism lingers.

Inflation remains a concern, and while food prices are beginning to decline slightly, they are still beyond the reach of many. Additionally, governance at both federal and state levels must be proactive in ensuring that economic gains translate into tangible benefits for the people.

FURTHER READING
Soldier Arrested With ‘Canadian Loud’ In Lagos
I Was Treated Like Nothing Under PaulO’s Label – Spyro
How To Save Your Life If You Are Bitten By A Snake

If the current momentum continues—fuel prices drop further, the naira strengthens consistently, security improves, and inflation is tamed—then, and only then, will the Renewed Hope agenda truly be embraced by all Nigerians. For now, cautious optimism is the best way to describe the national mood.

Click Here For Video of The Week