President Bola Tinubu has declared that Nigeria is moving beyond the difficult phase of economic reforms, saying the country is now entering a period focused on prosperity and improved living standards.
The President made the declaration in his nationwide broadcast on Thursday to commemorate Nigeria’s 66th Independence Anniversary, where he said his administration had taken difficult decisions to address longstanding weaknesses in the economy.
Tinubu acknowledged the hardship experienced by Nigerians, but argued that the challenges predated his administration and were linked to years of delayed economic decisions, weak infrastructure, low productivity and limited opportunities.
According to him, the government’s reforms were aimed at tackling those structural problems rather than merely managing their consequences. He said the measures had begun producing positive economic indicators after three years.
The President cited economic growth of more than four per cent in 2026, a decline in inflation from its peak, stronger foreign reserves and greater stability in the foreign exchange market. He also noted that Nigeria recorded more than $6bn in non-oil export revenue in 2025.
Tinubu said the government would now concentrate on lowering production and transportation costs, boosting agriculture and manufacturing, expanding infrastructure and creating more productive jobs for Nigerians, particularly young people.
He said efforts would include greater investment in irrigation, mechanised farming, storage facilities, roads, railways and ports, arguing that reducing the cost of production and distribution would ultimately help bring down the prices of goods.
The President also promised greater support for businesses and industries through gas-powered industrial development, improved digital connectivity, access to finance and skills training. He said the goal was to enable more Nigerian businesses to produce locally and compete in international markets.
Tinubu admitted that millions of Nigerians were still struggling with food, school fees, medical expenses and transportation costs. He said the government was strengthening social intervention programmes, improving the National Social Register and expanding access to education financing and consumer credit.
He said initiatives such as the Nigerian Education Loan Fund and CREDICORP were intended to provide opportunities for Nigerians from lower-income households, while government would continue working with states and local governments to strengthen basic healthcare and education.
The President maintained that poverty could not be eliminated overnight, stressing that sustained economic growth and the creation of millions of productive jobs would be required to improve living conditions across the country.
Tinubu, who urged Nigerians to remain hopeful and united, said the country had overcome a difficult period and was now ready to reap the benefits of the reforms.
He declared, “Nigeria has corrected its course. We have passed through our own Red Sea,” urging Nigerians to look forward rather than return to the policies and conditions that, in his view, created the economic problems the reforms sought to address.
