The Deputy Speaker, Nigeria’s House of Representatives, Benjamin Kalu has said the reform efforts of President Bola Tinubu increased the nation’s trade surplus to N3.42 trillion ($2.25 billion) in the fourth quarters of 2024, driven by increased exports.
Kalu who spoke at the inauguration of over 20,000 new members of the Renewed Hope Partners (RHP) Bende, Bende Local Government Area of Abia State said the administration has also unified the FX market, reduced arbitrage, while boosted investor confidence
He commended the President for the Renewed Hope Agenda, highlighting significant achievements in economic revitalization, social welfare, security, and national development, adding that agenda is not just a slogan but a comprehensive blueprint for Nigeria’s progress.
He said under the Renewed Hope Agenda, Nigeria has recorded notable achievements, including a 3.84per cent GDP growth in Q4 2024, with annual growth rising to 3.40per cent in 2024 from 2.74per cent in 2023.
Kalu also said that inflation has dropped from 34.6per cent to 23.71per cent by May 2025, with food prices declining by over 25per cent in the first quarter of 2025.
He said: “Since assuming office on May 29, 2023, President Tinubu’s administration has implemented bold reforms and policies that are already reshaping Nigeria’s future. The Renewed Hope Agenda is not just a slogan; it is a comprehensive blueprint for economic revitalisation, social welfare, security, and national development.
“The removal of fuel subsidies has freed up resources for critical sectors, resulting in a 50per cent reduction in petrol importation and a doubling of government revenues to over N9.1 trillion in the first half of 2024 compared
to the previous year.
“The unification of the FX market has reduced arbitrage, increased transparency, and boosted investor confidence. Nigeria’s economy recorded a 3.84per cent GDP growth in Q4 2024, with annual growth rising to 3.40per cent in 2024 from 2.74per cent in 2023. Through targeted interventions, inflation has dropped from 34.6per cent to 23.71per cent by May 2025, with food prices for staples like rice, maize, and sorghum declining by over 25per cent in the first quarter of 2025.
“The launch of the Nigerian Consumer Credit Corporation (CREDICORP) with over N200 billion in funding is set to bring consumer credit to 50per cent of Nigeria’s working population by 2030, empowering citizens to access essential goods and services. Nigeria achieved a trade surplus of N3.42 trillion ($2.25 billion) in Q4 2024, driven by increased exports.
“International agencies Fitch and S&P Global upgraded Nigeria to a Stable B outlook, reflecting growing global confidence in our economy.
“In infrastructure, over 260 new road projects worth N208 billion have commenced, with major works ongoing on the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway. The Renewed Hope Infrastructure Development Fund supports these transformative projects. The Renewed Hope City and Estate project also aims to deliver 100,000 housing units nationwide, with special attention to the needs of low and middle-income Nigerian families”, he said.
Kalu said the establishment of the South East Development Commission (SEDC) is a long-awaited initiative that marks a new era of inclusion and progress for the region.
The Deputy Speaker urged the newly inaugurated Renewed Hope Partners to play a crucial role in sustaining the gains of the Renewed Hope Agenda and carrying the message of progress to every community.
“For the South East, this moment marks the end of a long wait. Nearly 50 years since the civil war, we can now say with pride that the federal government has finally made good on its promise of inclusion. Under President Bola Ahmed Tinubu, the South East Development Commission has not only been established but is fully operational, with a confirmed board and leadership at its helm.
“Today, as we inaugurate over 20,000 new Renewed Hope Partners, we are empowering a formidable network of grassroots ambassadors. You are the bridge between government and the people, the voice of the Renewed Hope Agenda in every ward, community, and polling unit across Abia State and beyond.
“Your mandate is clear: deepen grassroots engagement and ensure that the benefits of national reforms are felt in every household; serve as champions of unity, inclusion, and national development; mobilize support for the Renewed Hope vision as we prepare for the future, including the 2027 elections.
“The Renewed Hope Agenda is not a distant vision; it is here, it is real, and it is now. The progress we celebrate today is born of collective sacrifice, visionary leadership, and the enduring faith of the Nigerian people. As we move forward, let us remember that hope is not a wish; it is a decision.
“Progress is not an accident; it is the result of unity, resilience, and courage. Our task is not finished, this is just the beginning. So let us go forth together, united in purpose, unwavering in hope, and unyielding in our resolve to build a Nigeria where every dream finds a place, and every citizen shares in the promise of prosperity,” Kalu said.
