By Seun Ibiyemi
President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the most difficult phase of his administration’s economic reforms, saying the country is now entering an “age of prosperity” focused on lowering the cost of living, creating jobs and expanding opportunities for citizens.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, as the country commemorates its 66th independence anniversary.
The President said his administration inherited an economy weighed down by structural weaknesses and difficult choices, arguing that the reforms introduced since 2023 were necessary to correct what he described as longstanding economic distortions.
According to him, the reforms had been difficult and had imposed sacrifices on Nigerians, but he maintained that they were beginning to produce improvements in the country’s economic outlook.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable,” Tinubu said.
He cited economic growth of more than four per cent in 2026, contributions from both the oil and non-oil sectors, lower oil theft, a decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
The President also said Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion, describing the development as evidence of increased activity by Nigerian businesses.
Tinubu said the government’s central economic task had now shifted from correcting the country’s economic direction to delivering broad-based prosperity.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” 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 prosperity should not be measured only by the size of the economy or headline economic statistics, but by whether ordinary Nigerians could experience improvements in their daily lives.
He identified affordable food and transportation, reliable electricity for businesses, access to credit, productive employment, affordable education and greater household financial security as key elements of the prosperity he envisaged.
Tinubu said lowering the cost of living would remain a major priority of his administration, with emphasis on reducing the cost of producing and transporting goods.
He said the government was expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing agricultural mechanisation and investing in storage and transportation.
He added that the government was building and completing roads, railways and ports to improve connections between farms, factories and markets.
According to the President, improved productivity and lower logistics and production costs would ultimately translate into lower prices for consumers.
“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.
The President also identified job creation, enterprise and industrial expansion as central to the next phase of his administration.
He said Nigeria’s youthful population represented a major economic opportunity if the government could create sufficient productive opportunities for young people.
Tinubu pledged to deploy Nigeria’s gas resources to power new industries, support businesses seeking to revive factories, expand digital connectivity and invest in skills required by employers.
He also promised to provide Nigerian businesses with infrastructure and financing needed to expand.
“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.
He further expressed the ambition to see young Nigerians build globally successful technology companies and create employment opportunities within the country.
While outlining his economic agenda, Tinubu acknowledged that millions of Nigerians continue to struggle with food, education, healthcare and transportation costs.
He said the difficulties faced by vulnerable Nigerians were not created by the reforms of the past three years but were the result of decades of low productivity, inadequate infrastructure and limited economic opportunities.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
The President said his administration was strengthening direct support for poor households and improving the National Social Register to ensure that assistance reaches people who genuinely need it.
He also highlighted the Nigerian Education Loan Fund (NELFUND), saying it was helping students from low-income families pursue higher education.
Tinubu also pointed to CREDICORP, which he said was providing working Nigerians with access to consumer credit for vehicles, solar systems, digital devices and other essential assets.
He promised continued collaboration with state and local governments to strengthen primary healthcare, basic education and other essential public services.
According to him, the Federal Government had also maintained the payment of salaries and pensions since 2023 and 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,” he said.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
Tinubu acknowledged that eliminating poverty would require time, discipline, sustained economic growth and the creation of millions of productive opportunities.
He nevertheless argued that Nigeria was beginning the next phase of its economic journey from a stronger position because of the reforms undertaken by his administration.
The President said the country had confronted difficult economic choices and laid what he described as the foundations for lasting prosperity.
“The age of reform has done its work. Now begins the age of prosperity,” he declared.
Tinubu called on Nigerians to remain united and forward-looking, saying the country’s future depended on the collective efforts of citizens.
He concluded his address by urging Nigerians not to look back but to move forward with confidence in themselves and the country.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
He described the country’s destination as a Nigeria of “abundance and opportunity,” where prosperity is broadly shared and children can pursue their aspirations regardless of their circumstances of birth.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” the President said.
