President Bola Tinubu has said Nigeria's economy grew by four per cent in 2026, adding that the feat was driven by the oil and non-oil sectors.
Tinubu made this known while addressing Nigerians on the occasion of Nigeria's 66th Independence Day Anniversary.
Here are 10 major highlights of the President's speech:
1. Shift from "Reform" to "Prosperity": The President declared that the initial period of emergency economic reforms is complete and the foundational repairs are done. The administration is now transitioning to a focus on shared and widespread prosperity.
2. Mention of Key Economic Indicators & Growth: The economy grew by over 4% this year, driven by both oil and non-oil sectors. Foreign reserves have been rebuilt, inflation has dropped from its peak, foreign exchange has stabilised, and non-oil export revenues reached a record high exceeding $6 billion in 2025.
3. Addressing the Cost of Living: Reducing the cost of living is set as the top priority. This strategy focuses on lowering production and transportation costs through expanded mechanised irrigation, dry-season farming, improved access to inputs, and investments in roads, rail, ports, and power infrastructure.
4. Youth and Demographic Strategy: That his administration aims to leverage Nigeria's young population as an engine of production by placing jobs, enterprise, and industrial growth at the core of national policies, focusing on gas-powered industries, factory revival, digital connectivity, and skill development.
5. Social Safety Nets & Direct Support: To support vulnerable households, the government is updating the National Social Register to refine direct assistance to the poorest Nigerians and continuing timely payment of salaries and pensions.
6. Consumer Credit Expansion (CREDICORP): Through CREDICORP, working Nigerians are being provided access to consumer credit, allowing them to purchase assets like vehicles, solar systems, and digital devices without needing years of upfront savings.
7. Educational Support via NELFUND: The Nigerian Education Loan Fund (NELFUND) was highlighted as a tool to ensure children from low-income families can pursue higher education without financial barriers.
8. Security and Resource Protection: Reductions in oil theft were cited as a significant win, alongside praise for the Armed Forces and security agencies for maintaining peace across the country.
9. Defense of Past Economic Policy: President Tinubu defended the difficult decision to remove subsidies and implement structural reforms, comparing the nation's past economic approach to using "morphine" to mask deep underlying economic issues rather than curing them.
10. A Forward-Looking Call to Unity: The President called on Nigerians to remain disciplined and forward-focused, emphasising that the hard sacrifices made have laid a permanent foundation for a stronger, more resilient economy.
Discussion0