President Bola Tinubu has declared that Nigeria is moving from economic reforms to a new phase focused on prosperity, job creation and reducing the cost of living.
In his Independence Day broadcast on Thursday, marking Nigeria’s 66th anniversary, Tinubu said the government had spent the past three years correcting the country’s economic direction and would now prioritise improving living conditions.
“The emergency treatment is over. The foundation has been repaired,” he said. “For three years, our overriding purpose was to correct our nation's course. Now, our purpose is simple: shared and widespread prosperity.”
The President said reducing the cost of living would involve lowering the cost of producing and transporting goods consumed by Nigerians.
He listed mechanised irrigation, dry-season farming, improved access to seeds and fertilisers, better storage facilities, and investments in roads, railways and ports as measures to boost production and ease prices.
“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... all those savings will ultimately find their way into the price of goods in the market,” he said.
Tinubu defended his administration’s economic policies, comparing Nigeria’s economic challenges to a serious illness requiring difficult treatment rather than temporary relief.
“For too long, Nigeria's leaders chose morphine while praying for a miracle that never came,” he said. “When this Administration assumed office, we chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.”
He warned against calls to reverse the reforms, particularly the removal of fuel subsidies.
“Certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies,” he said, adding, “We must resist their siren song.”
The President cited economic indicators as evidence of progress, saying the economy had grown by more than four per cent in 2026, inflation had fallen substantially from its peak, foreign reserves had improved and the foreign exchange market had stabilised.
He also said oil theft had declined and Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6bn.
“This is real money being made by real Nigerian businesses,” he said.
On employment, Tinubu said his administration would focus on expanding industrial production, using gas to power new industries and reviving factories in industrial centres.
He also expressed the ambition to see more young Nigerians establish businesses and create jobs locally.
The President, however, acknowledged that many households continued to struggle with food, education, healthcare and transport costs.
“Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.
He attributed the hardship to decades of low productivity, inadequate infrastructure, limited opportunities and weak institutions, arguing that the problems predated the economic reforms introduced by his administration.
Tinubu cited the Nigerian Education Loan Fund, the CREDICORP consumer credit scheme and improvements to the National Social Register as part of the government’s support for vulnerable households.
He said the initiatives were intended to provide temporary support while broader economic opportunities expanded.
“Our objective is not to manage poverty more efficiently,” he said. “We will defeat it.”
The President acknowledged that addressing the country’s longstanding challenges would take time.
“We cannot erase in four years what accumulated over generations,” he said. “It will take time. It will require discipline.”
Concluding his address, Tinubu urged Nigerians to remain focused on the country’s future, invoking the biblical account of the Israelites’ journey across the Red Sea.
“We have passed through our own Red Sea. This is not the time to look back,” he said. “Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
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