President Bola Ahmed Tinubu has declared that Nigeria has passed through the most difficult phase of his administration’s economic reforms, saying the country is now entering what he described as an “age of prosperity.”
The President made the declaration in his address to Nigerians marking the country’s 66th Independence Anniversary, where he acknowledged the severe economic hardship experienced by citizens since the reforms began but maintained that the measures were necessary to correct long-standing structural weaknesses in the economy.
According to Tinubu, the government’s immediate priority has now shifted from economic stabilization to reducing the cost of living, creating jobs, expanding production and improving household welfare.
“The age of reform has done its work. Now begins the age of prosperity. Our priority is to bring down the cost of living,” the President said.
He explained that the government intended to reduce prices by lowering the cost of producing and transporting food and other essential goods.
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‘Emergency Treatment Is Over’
Tinubu described the economic reforms introduced since he assumed office in May 2023 as an “emergency treatment” aimed at addressing deep-rooted problems in the Nigerian economy.
Using cancer treatment as an analogy, the President said previous administrations had often avoided difficult decisions while attempting to manage the symptoms of economic problems.
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“Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery,” he said.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.”
He said his administration instead chose to tackle the underlying problems, despite the hardship caused by the adjustment.
“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.
“Our reforms did not create the weaknesses in our economy. They confronted them.”
No Return to Subsidy Regime
The President also rejected calls for a return to the previous subsidy arrangements, describing such proposals as a return to “addictive subsidies.”
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He warned that reversing the reforms could undermine the progress recorded so far.
“As certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song,” Tinubu said.
He urged Nigerians to remain focused on the long-term objective of building a more productive and sustainable economy.
Government Targets Lower Food Prices
Tinubu said the government would intensify investment in agriculture as part of efforts to reduce food prices.
Among the measures highlighted were expanded mechanized irrigation, increased dry-season farming, improved access to seeds and fertilizer, agricultural mechanization and investment in storage and transportation infrastructure.
He also pointed to ongoing investments in roads, railways and ports, saying improved infrastructure would reduce the cost of moving agricultural produce and manufactured goods across the country.
“Our logic is simple. When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.
Tinubu Lists Economic Gains
The President said economic indicators showed that Nigeria had reached an important turning point.
He cited economic growth of more than four per cent this year, falling inflation, increased foreign reserves, greater stability in the foreign exchange market and record non-oil export earnings.
“Our economy has grown by over four per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” Tinubu said.
He also said oil theft had declined and that Nigeria recorded more than $6 billion in non-oil export earnings in 2025, describing it as the highest in the country’s history.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable,” he said.
Jobs and Industrialization Take Centre Stage
Tinubu said the next phase of his administration would focus heavily on employment, enterprise and industrial expansion.
He said the government would leverage Nigeria’s gas resources to power industries, support the revival of factories in major industrial centres, expand digital connectivity and develop skills required by employers.
The President also expressed his ambition for Nigerian businesses to become more competitive internationally.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world.
“I want young Nigerians building unicorns and creating opportunities for others here at home.”
‘We Cannot Erase in Four Years What Accumulated Over Generations’
Despite his optimism, Tinubu acknowledged that millions of Nigerians were still struggling with the rising cost of food, transportation, school fees and healthcare.
He attributed the challenges to decades of low productivity, inadequate infrastructure and limited economic opportunities.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
The President said the Federal Government would strengthen direct assistance to vulnerable households and improve the National Social Register to ensure that social support reached people genuinely in need.
He also highlighted the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, CREDICORP, as part of the administration’s efforts to expand access to opportunities and ease financial pressure on citizens.
‘Our Objective Is to Defeat Poverty’
Tinubu said government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential 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.”
He said achieving that goal would require sustained economic growth, fiscal discipline and the creation of millions of productive jobs.
Tinubu Calls for National Unity
Reflecting on Nigeria’s 66 years of independence, the President recalled the country’s experience of civil war, military rule, economic crises, insecurity and political upheaval.
He paid tribute to farmers, traders, teachers, entrepreneurs and members of the Armed Forces and security agencies for their contributions to the country’s survival and development.
Tinubu said independence was more than the raising of the national flag in 1960, describing it as a promise that Nigerians would be free to shape their destiny and build a country capable of providing opportunity, dignity and a better quality of life.
‘No Looking Back’
Concluding his address, Tinubu compared Nigeria’s economic journey to the biblical crossing of the Red Sea, insisting that the country must not return to the policies of the past.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
He called on Nigerians to move forward with confidence and faith in the country’s future.
“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
