President Bola Ahmed Tinubu says Nigeria has moved beyond the difficult phase of his administration’s economic reforms, declaring that the government’s next priority is to reduce the cost of living and deliver widespread prosperity.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary of independence. He said the reforms introduced since 2023 had been necessary to correct longstanding economic distortions, despite the hardship experienced by citizens.
“The emergency treatment is over. The foundation has been repaired,” the President said, describing the moment as a turning point in Nigeria’s economic journey.
Tinubu said the government’s focus would now shift from economic stabilisation to improving the daily lives of Nigerians, particularly through lower production and transportation costs, increased food production, job creation and industrial expansion.
He said the administration would expand mechanised irrigation and dry-season farming, improve access to seeds and fertilisers, invest in storage and transportation, and continue developing roads, railways and ports linking farms, factories and markets.
According to the President, reducing the cost of production would ultimately help bring down the prices of goods and services.
“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.
Tinubu cites economic gains
The President defended his administration’s economic record, saying Nigeria’s economy had grown by more than four per cent in 2026, while inflation had fallen substantially from its peak.
He also cited declining oil theft, rebuilt foreign reserves, greater stability in the foreign exchange market and more than $6bn in non-oil export revenue recorded in 2025.
Tinubu said the government would also prioritise employment, enterprise and industrial growth, particularly for young Nigerians, while expanding digital connectivity, skills development and access to finance for businesses.
However, he acknowledged that millions of Nigerians continued to struggle with food, education, healthcare and transportation costs.
He said the government would strengthen social support programmes, improve the National Social Register and expand access to education and consumer credit.
“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu said.
The President also rejected calls for a return to what he described as the “abuse of addictive subsidies”, insisting that Nigeria must continue with the reform path.
He concluded by declaring that “the age of reform has done its work. Now begins the age of prosperity,” while urging Nigerians to look ahead with renewed confidence.
