President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the difficult phase of his administration’s economic reforms, saying the country is now entering an era of shared and widespread prosperity.
Tinubu made the declaration on Thursday, October 1, 2026, in his Independence Day address to Nigerians as the country marked its 66th anniversary.
The address, titled “From Reform to Prosperity,” focused largely on the government’s economic reforms, the cost of living, job creation, agriculture, social support and the next phase of Nigeria’s development.
The President said the major objective of his administration during its first three years was to correct what he described as longstanding economic distortions.
According to him, the reforms were difficult and had produced painful effects, but he argued that they were necessary to address deeper problems in the economy.
Tinubu said Nigeria had reached a turning point, declaring that “the emergency treatment is over” and that the government’s economic focus had now changed from reform to prosperity.
He said the government would concentrate on making it easier for Nigerians to produce, work and do business while also reducing the cost of living.
The President cited several economic indicators as evidence of progress. He said Nigeria’s economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the growth.
He also said inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
Tinubu further stated that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the country’s highest such revenue on record.
The President also defended the removal of fuel subsidies and other economic measures introduced by his administration. He warned against calls to return to what he described as inefficient subsidy arrangements.
According to Tinubu, returning to the old system would undermine the economic adjustments already made by the government.
A major part of the President’s new agenda is reducing the cost of living. He said the government would pursue lower production and transportation costs by investing in agriculture, irrigation, mechanisation, storage, roads, railways and ports.
He said the government wants farmers to produce more at lower costs while reducing losses between farms and markets.
Tinubu also placed job creation at the centre of the next phase of his administration.
He said Nigeria’s large youth population should become an economic strength and announced plans to support industries, expand digital connectivity, improve access to finance and develop skills required by employers.
The President said the government wants to see more Nigerian businesses producing goods for local consumption and international markets.
He also acknowledged that millions of Nigerians are still struggling with food costs, school fees, medical expenses and transportation.
Tinubu said the government was strengthening social support programmes to assist vulnerable households while working to create an economy capable of lifting more Nigerians out of poverty.
He mentioned initiatives including the Nigerian Education Loan Fund and CREDICORP, which provides consumer credit for eligible Nigerians to acquire assets and essential goods.
The President also said the government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
Tinubu acknowledged that the economic challenges facing Nigeria did not begin with his administration, describing them as the accumulated result of decades of low productivity, inadequate infrastructure and limited opportunities.
However, he said his administration had changed the direction of the economy and laid what he described as stronger foundations for future growth.
The President concluded his Independence Day address by calling on Nigerians to look forward rather than return to the past.
He said the government’s next objective was to ensure that economic growth translates into better opportunities and improved living conditions for ordinary Nigerians.
His declaration that Nigeria has entered an “age of prosperity” now places greater emphasis on the government’s ability to translate the economic improvements it cited into tangible changes in employment, food prices, purchasing power and living standards.
