President Bola Tinubu has declared that his administration’s next priority is to create jobs, expand industrial production, and reduce the cost of living, following what he described as improvements in Nigeria’s economic outlook.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, marking the country’s 66th anniversary, saying the government was moving from economic reforms to a new phase focused on widespread prosperity.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” the President said.
He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertilisers, invest in storage facilities and strengthen transportation infrastructure to reduce food production and distribution costs.
Tinubu added that ongoing investments in roads, railways and ports were intended to improve connections between farms, factories and markets.
According to him, reducing production costs, post-harvest losses, electricity expenses and transportation delays would help lower the prices of goods.
The President also identified job creation and industrial growth as key priorities, noting that millions of young Nigerians enter adulthood each year and need opportunities to translate their skills and ambitions into productive work.
He said the government would use gas to power industries, support the revival of factories, expand digital connectivity and invest in skills development, infrastructure and financing for businesses.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world,” he said.
Tinubu also acknowledged that many households continued to struggle with the cost of food, education, healthcare and transportation.
He attributed the hardship to decades of low productivity, inadequate infrastructure, limited economic opportunities and institutional weaknesses, arguing that the challenges could not be eliminated within four years but could be addressed through sustained economic growth.
The President said his administration was strengthening direct support for poor households and improving the National Social Register to ensure assistance reached those who needed it.
He also highlighted the Nigerian Education Loan Fund, which provides financing for eligible students pursuing higher education, and the Credit Corporation of Nigeria, known as CREDICORP, which facilitates access to consumer credit.
Tinubu said the government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
He added that his administration had paid salaries and pensions on time and in full since 2023 and had reformed the national pension programme to benefit 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. Our objective is not to manage poverty more efficiently,” he said.
“We will defeat it.”
On the state of the economy, Tinubu said Nigeria had recorded growth of more than four per cent in 2026, with contributions from both the oil and non-oil sectors.
He also cited lower inflation from its peak, improved foreign reserves, a more stable foreign exchange market and non-oil export earnings exceeding $6bn in 2025 as evidence of progress under his administration.
The President defended the economic reforms introduced since he assumed office in May 2023, saying they were necessary to address longstanding structural weaknesses.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said, urging Nigerians not to abandon the changes.
Tinubu maintained that the government had laid the foundation for lasting prosperity and called for continued support as it pursued economic growth, poverty reduction and expanded opportunities.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
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