President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the difficult phase of economic reforms and is now entering what he described as the “age of prosperity.”
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, marking the country’s 66th Independence anniversary.
The President said his administration inherited an economy burdened by deep structural weaknesses and was compelled to implement difficult reforms to correct the country’s economic direction.
According to him, the reforms have produced signs of improved economic stability, including economic growth of more than four per cent, lower inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
He also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the country’s highest ever.
Tinubu said the next phase of his administration would focus on translating economic reforms into widespread prosperity and improving living standards.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” he said.
“Now, our purpose is simple: shared and widespread prosperity.”
Tinubu promises measures to reduce cost of living
The President said reducing the cost of living would remain a major priority of his administration.
He explained that the government would seek to lower the cost of producing and transporting goods through increased agricultural production, mechanised farming, irrigation, improved access to seeds and fertiliser, storage facilities and transportation infrastructure.
He said investments in roads, railways and ports would also help connect farms and factories to markets.
Tinubu argued that lower production and transportation costs would ultimately translate into cheaper goods for consumers.
President targets jobs and industrial growth
Tinubu also placed job creation, enterprise and industrial development at the centre of the next phase of his administration.
He said the government would deploy Nigeria’s gas resources to support new industries, revive factories in industrial centres and expand digital connectivity.
He added that the administration would invest in skills development and provide Nigerian businesses with infrastructure and financing to expand.
The President said his ambition was to see more Nigerians manufacturing goods, more Nigerian farms supplying cities and industries, and Nigerian businesses exporting products to international markets.
He also expressed support for young Nigerians building technology companies and creating employment opportunities.
Tinubu acknowledges hardship among Nigerians
The President acknowledged that millions of Nigerians continue to struggle with food, school fees, healthcare expenses and transportation costs.
He attributed the challenges to decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
Tinubu said the government could not eliminate in four years problems that had accumulated over generations but could change their direction.
He said the administration was strengthening social interventions for vulnerable Nigerians, including improving the National Social Register to ensure assistance reaches those in need.
He also highlighted the Nigerian Education Loan Fund and CREDICORP as programmes designed to expand access to education and consumer credit.
According to him, the government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
‘We will defeat poverty’
Tinubu said government social programmes were not intended to permanently manage poverty but to support citizens on the path to economic independence.
“Our objective is not to manage poverty more efficiently. We will defeat it,” he said.
He acknowledged that achieving the goal would require time, discipline, sustained economic growth and the creation of millions of productive opportunities.
‘Nigeria has corrected its course’
The President described the reforms as laying the foundation for what he called lasting prosperity.
He said Nigeria had “passed through our own Red Sea” and urged Nigerians not to look back but to move forward with renewed confidence.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” Tinubu said.
He described the Nigeria he seeks to build as a nation of abundance and opportunity where prosperity is broadly shared and children can aspire beyond the circumstances of their birth.
“The age of reform has done its work. Now begins the age of prosperity,” he declared.
Tinubu concluded his Independence Day address by calling on Nigerians to move forward together, expressing confidence in the country’s future.
“Let us go forward. No looking back,” he said.
He wished Nigerians a happy Independence Day and prayed for the continued blessings of the Federal Republic of Nigeria.
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