President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the most difficult phase of his administration’s economic reforms, saying the country must now focus on delivering shared prosperity to citizens.
Tinubu made the declaration on Thursday in his Independence Day address to Nigerians as the country marked its 66th Independence Anniversary, with the address themed “From Reform to Prosperity.” (State House)
The President said Nigeria had endured decades of economic challenges, insecurity, political upheavals and policy distortions, but maintained that the country had now reached a turning point.
“The emergency treatment is over. The foundation has been repaired,” Tinubu said, adding that the government’s focus had shifted from correcting the country’s economic direction to achieving “shared and widespread prosperity.” (Vanguard News)
Tinubu defends economic reforms
The President strongly defended the economic reforms introduced since he assumed office in 2023, including measures aimed at addressing longstanding economic distortions.
Using a medical analogy, Tinubu compared Nigeria’s economy to a patient requiring difficult treatment, arguing that previous governments had largely treated the symptoms of economic problems rather than addressing their underlying causes.
He acknowledged that the reforms had brought difficult consequences for Nigerians but said abandoning them would amount to returning to unsustainable policies.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said. (Voice of Nigeria)
President cites economic gains
Tinubu said Nigeria’s economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as a period of more stable growth.
He also cited lower oil theft, a substantial decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
According to the President, Nigeria also recorded more than $6 billion in non-oil export revenue in 2025, which he described as the highest in the country’s history. (Voice of Nigeria)
He said international observers, multilateral institutions and private-sector stakeholders had recognised improvements in Nigeria’s economic stability and resilience.
Cost of living becomes major priority
Tinubu said the next phase of his administration would focus heavily on reducing the cost of living and ensuring that economic growth translates into better living conditions.
He said the government would target the cost of production and transportation by expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing agricultural mechanisation and investing in storage and transportation infrastructure.
The President also highlighted ongoing investments in roads, railways and ports to improve the movement of goods between farms, factories and markets.
He argued that reducing production and distribution costs would ultimately help lower the prices of goods and services. (Vanguard News)
Jobs, industries and youth opportunities
Beyond reducing prices, Tinubu said his administration would prioritise productive employment, enterprise and industrial growth.
He announced plans to use Nigeria’s gas resources to power new industries, support the revival of factories in industrial centres, expand digital connectivity and invest in skills required by employers.
The President said Nigeria’s large youth population should become an economic asset by creating opportunities for young people to work, build businesses and develop new technologies.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories,” he said.
Support for vulnerable Nigerians
Tinubu acknowledged that millions of Nigerians continue to struggle with food, education, healthcare and transportation costs.
He said the government was strengthening social protection measures, including the National Social Register, while highlighting the Nigerian Education Loan Fund (NELFUND) and CREDICORP as programmes designed to expand access to education and consumer credit.
He also said the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential services.
According to him, these interventions are intended to provide a bridge towards broader economic prosperity rather than permanently manage poverty.
“We have passed through our own Red Sea”
Reflecting on the challenges of the past three years, Tinubu said Nigeria had reached a point where the country should look ahead rather than return to past policies.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said. (State House)
He said the ultimate goal was to build a Nigeria where prosperity is broadly shared, children can dream beyond their circumstances, farmers and businesses can thrive, and citizens can experience the benefits of economic growth.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared. (Vanguard News)
The President concluded by urging Nigerians to move forward with renewed confidence and collective responsibility, while wishing citizens a happy 66th Independence Anniversary.
