By Habeeb Ibrahim
President Bola Tinubu has said Nigeria has moved beyond the difficult phase of economic reforms and is now entering what he described as an “age of prosperity”.
Tinubu stated this on Thursday in his Independence Day address to Nigerians as the country marked its 66th anniversary.
The President used the address to defend the economic policies implemented by his administration since 2023, while acknowledging the hardship experienced by Nigerians.
He said the reforms were necessary because the country was already facing deep economic problems when he assumed office.
“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,” Tinubu said.
He compared the reforms to medical treatment for a serious illness, arguing that the hardship associated with them should not be confused with the underlying problems they were introduced to address.
According to him, previous governments had avoided difficult economic decisions and instead sustained arrangements that were no longer working.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable,” he said.
Tinubu said the economy had grown by more than four per cent in 2026, while both the oil and non-oil sectors contributed to the growth.
He also claimed that oil theft had declined, inflation had fallen from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
The President further said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, which he described as the highest in the country’s history.
Tinubu, however, acknowledged that millions of Nigerians are still struggling with food, school fees, medical bills and transportation costs.
He said the hardship facing many Nigerians was not created by the reforms of the last three years but had accumulated over decades.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
Tinubu said reducing the cost of living would be a major priority in the next phase of his administration.
He said the government would focus on reducing the cost of producing and transporting goods through investments in agriculture, infrastructure and manufacturing.
The President listed mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation, storage facilities and transportation among the areas the government would prioritise.
He also said ongoing road, railway and port projects were aimed at connecting farms and factories to markets.
The President said job creation and industrial growth would also receive greater attention.
He said the government would use Nigeria’s gas resources to support new industries, revive factories, expand digital connectivity and provide skills and financing for businesses.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories,” Tinubu said.
He also expressed the desire to see Nigerian businesses sell their products internationally and young Nigerians build globally recognised companies.
Tinubu said his administration would continue supporting vulnerable Nigerians while working towards an economy capable of creating sustainable opportunities.
He mentioned the National Social Register, Nigerian Education Loan Fund and Consumer Credit Corporation as some of the programmes being used to support Nigerians.
He also said the Federal Government would continue working with states and local governments on primary healthcare, basic education and other public services.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
The President said achieving this would take time and require sustained economic growth and the creation of millions of productive jobs.
Tinubu ended the address by urging Nigerians to look ahead rather than return to policies he said had contributed to the country’s economic problems.
He described the reforms as the foundation for a new phase of economic development.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
Tinubu also compared Nigeria’s journey through economic difficulties to the biblical crossing of the Red Sea.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
He said the Nigeria he envisioned was one where prosperity would be broadly shared and children could pursue opportunities regardless of their circumstances.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” Tinubu said.
