President Bola Ahmed Tinubu has declared that Nigeria has emerged from the most difficult phase of his administration’s economic reforms and is entering an era focused on shared prosperity.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday as the country marked its 66th anniversary.
The President said successive governments had postponed difficult economic decisions, allowing structural problems to worsen, but maintained that his administration chose to confront those challenges through reforms.
“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” he said.
Using a medical analogy, Tinubu compared Nigeria’s economic condition to a cancer patient who must endure painful treatment rather than rely on temporary relief.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said, while warning against reversing the policies and returning to what he described as “addictive subsidies.”
Tinubu said the economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to growth. He also cited declining oil theft, lower inflation, rebuilt foreign reserves and greater stability in the foreign exchange market.
He added that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the country’s highest ever.
According to the President, the focus of the administration had now shifted from economic correction to 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 said the government would prioritise reducing the cost of living by lowering the cost of production and transportation, while expanding mechanised agriculture, irrigation, access to seeds and fertiliser, storage and transport infrastructure.
He also highlighted investments in roads, railways and ports to connect farms and factories to markets, alongside plans to use gas to power industries, revive factories, expand digital connectivity and develop job-relevant skills.
Acknowledging that millions of Nigerians were still struggling with food, school fees, healthcare and transportation costs, Tinubu said the challenges had accumulated over generations.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
He listed measures including stronger direct support for vulnerable households, improvements to the National Social Register, the Nigerian Education Loan Fund, consumer credit through CREDICORP, and continued investment in primary healthcare and basic education.
“Our objective is not to manage poverty more efficiently,” Tinubu said.
“We will defeat it.”
The President said achieving that objective would require sustained economic growth and the creation of millions of productive opportunities.
“The age of reform has done its work. Now begins the age of prosperity,” he declared.
Tinubu urged Nigerians to remain united and expressed confidence in the country’s future.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together,” he said.
