President Bola Ahmed Tinubu has declared that Nigeria has emerged from the difficult phase of economic reforms and is now entering what he described as the “age of prosperity”, with his administration focusing on lowering the cost of living, creating jobs and reducing poverty.
Tinubu made the declaration this Thursday in his Independence Day address to Nigerians, marking the country’s 66th anniversary of independence.
The President said the country had endured decades of economic difficulties, insecurity, political upheavals and policy failures, arguing that difficult reforms undertaken by his administration since 2023 were necessary to correct longstanding economic distortions.
According to him, the reforms had produced signs of economic recovery, including economic growth of more than four per cent this year, declining inflation, reduced oil theft, rebuilt foreign reserves and greater stability in the foreign exchange market.
He also said Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable,” Tinubu said.
He maintained that the government would not reverse the reforms, despite calls for a return to what he described as unsustainable subsidy arrangements.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said.
Tinubu said the government’s central economic objective had now shifted from correcting the country’s economic direction to ensuring “shared and widespread prosperity”.
He explained that prosperity, as envisioned by his administration, would mean a Nigeria where farmers could produce at lower costs, factories had reliable electricity, businesses could access credit and young people could secure productive employment.
He said reducing the cost of living would be a major priority, adding that the government would pursue measures aimed at lowering the cost of producing and transporting goods.
The President listed expanded mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, increased agricultural mechanisation, storage facilities and transportation infrastructure among measures being pursued to strengthen food production.
He also said the government was investing in roads, railways and ports to improve the movement of goods between farms, factories and markets.
“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.
On employment, Tinubu said jobs, enterprise and industrial growth would remain at the centre of government policy, particularly given Nigeria’s large and youthful population.
He said the government would deploy the country’s gas resources to power industries, support the revival of factories, expand digital connectivity and invest in skills required by employers.
Tinubu also expressed his desire to see more Nigerian-made products consumed locally and exported internationally, while encouraging young Nigerians to build technology companies and create employment opportunities.
However, he acknowledged that millions of Nigerians continued to face difficulties meeting basic needs, including food, education, healthcare and transportation costs.
The President said the government was strengthening social protection measures, including direct support for poor households and improvements to the National Social Register.
He also highlighted the Nigerian Education Loan Fund, saying it was helping students from low-income families access higher education, while CREDICORP was providing consumer credit for Nigerians seeking to acquire essential assets such as vehicles, solar systems and digital devices.
Tinubu said the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
He further said his administration had, since 2023, paid salaries and pensions on time and in full, while reforms to the national pension system were aimed at improving benefits for retirees and vulnerable Nigerians.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
The President acknowledged that reducing poverty would take time and require sustained economic growth and the creation of millions of productive opportunities.
He nevertheless maintained that Nigeria was now better positioned to achieve those objectives because, in his assessment, the fundamental direction of the economy had been corrected.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared.
Reflecting on Nigeria’s 66 years of independence, the President urged Nigerians to remain hopeful and united, saying the country had overcome difficult periods in its history and could build a prosperous future.
He said Nigerians should not look back but move forward with confidence in themselves and their country.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
Tinubu described the “Promised Land” ahead as a Nigeria of abundance and opportunity, where prosperity would be broadly shared and children could aspire beyond the circumstances of their birth.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.
He concluded by wishing Nigerians a happy Independence Day and praying for the continued blessing of the Federal Republic of Nigeria.
