President says difficult economic reforms have laid the foundation for a new phase focused on jobs, lower living costs and shared prosperity
ABUJA — President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the most difficult phase of its economic reforms and must now focus on translating those reforms into broader prosperity for citizens.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, as the country marked its 66th anniversary of independence.
The President’s address, titled “From Reforms to Prosperity,” reflected on Nigeria’s journey since independence, the economic challenges confronting the country and the policies his administration says it has implemented to correct longstanding structural weaknesses.
Tinubu acknowledged that Nigeria’s journey since independence had been difficult, with the country experiencing civil war, military rule, economic crises, insecurity and political upheaval.
He said successive generations of Nigerians had nevertheless continued to believe in the country’s potential and described that faith as part of the inheritance of independence.
According to the President, independence was not simply about obtaining a flag, anthem and international recognition, but about giving Nigerians the freedom to determine their destiny and build a country capable of providing opportunity, dignity and a better life.
Tinubu said his administration inherited an economy with serious structural problems in 2023 and argued that difficult decisions were necessary to address them.
Using the analogy of a patient suffering from cancer, the President compared economic reforms to painful medical treatment, arguing that previous governments had often addressed the symptoms of Nigeria’s problems rather than the underlying causes.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” Tinubu said.
He defended the reforms implemented by his administration, including policies that have generated significant public debate and economic hardship, saying the reforms did not create Nigeria’s underlying weaknesses but were intended to confront them.
The President argued that abandoning the reforms and returning to what he described as unsustainable subsidy arrangements would reverse the progress his administration says has been achieved.
Tinubu said the economy had grown by more than four per cent in 2026 and that both the oil and non-oil sectors had contributed to what he described as a period of more stable growth.
He also listed reductions in oil theft, lower inflation from its previous peak, rebuilt foreign reserves and greater stability in the foreign exchange market among developments his administration considers evidence of economic improvement.
The President further said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing the figure as evidence of increased activity by Nigerian businesses outside the oil sector.
Tinubu said international institutions and observers had also recognised what his administration considers improvements in Nigeria’s economic stability and resilience.
He declared that the country had reached a turning point, saying the immediate priority of correcting the economy’s direction must now give way to the task of achieving broad-based prosperity.
“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics,” the President said.
He explained that his vision of prosperity includes farmers being able to cultivate their land safely and earn better returns, manufacturers having more reliable power, businesses gaining access to credit and young Nigerians finding productive employment.
Tinubu also identified the reduction of the cost of living as a major priority of the next phase of his administration.
He said the government would pursue this through measures aimed at reducing the cost of producing and transporting goods.
According to him, the government is expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing agricultural mechanisation and investing in storage and transportation.
He also pointed to ongoing investments in roads, railways and ports, saying improved infrastructure would help connect farms and factories to markets and reduce the cost of moving goods.
The President said the government’s approach was based on the expectation that lower production, transportation and operating costs would eventually translate into lower prices for consumers.
Beyond food and infrastructure, Tinubu said job creation, enterprise and industrial development would remain central to the government’s economic programme.
He described Nigeria’s young population as a major potential economic asset and said government must create conditions that allow young Nigerians to turn their skills and ambitions into productive economic activity.
He said the administration would use Nigeria’s gas resources to support industrial development, assist businesses seeking to revive factories, expand digital connectivity and invest in skills required by employers.
Tinubu also expressed his desire to see more Nigerian-made products sold locally and internationally, while encouraging young Nigerians to build technology companies and other businesses capable of creating employment.
The President acknowledged that millions of Nigerians continue to face immediate financial difficulties, including challenges with food, education, healthcare and transportation.
He said the hardships facing vulnerable Nigerians did not begin with the reforms of the past three years but were the result of problems that had accumulated over decades.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
Tinubu said the government was strengthening social intervention programmes and improving the National Social Register to ensure assistance reaches people considered genuinely in need.
He also highlighted the Nigerian Education Loan Fund, saying it was intended to enable students from low-income households to pursue higher education without their families having to bear the entire cost upfront.
The President mentioned CREDICORP, the government’s consumer-credit initiative, as another programme intended to give working Nigerians access to financing for assets including vehicles, solar systems and digital devices.
He further said his administration would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
Tinubu said salaries and pensions had been paid on time and in full since 2023 and also pointed to reforms to the national pension system as part of efforts to support retirees and vulnerable Nigerians.
However, he stressed that social intervention programmes should not become permanent substitutes for economic prosperity.
“Our objective is not to manage poverty more efficiently. We will defeat it,” the President said.
Tinubu acknowledged that achieving that objective would require sustained economic growth, discipline and the creation of millions of productive opportunities.
He argued that the reforms had placed Nigeria on what he described as a stronger economic foundation and said the country must now focus on ensuring that the benefits of growth reach ordinary citizens.
“The age of reform has done its work. Now begins the age of prosperity,” he declared.
The President also called on Nigerians to maintain confidence in the country and work collectively towards building a stronger economy.
He acknowledged that challenges remained but said the country was now moving forward with what he described as a clearer direction and stronger foundations.
“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 country of abundance and opportunity where prosperity is broadly shared and children are able to pursue opportunities beyond the circumstances into which they were born.
The President concluded by urging Nigerians to move forward together and expressed confidence that the sacrifices made during the reform period would eventually produce benefits.
“Let us go forward. No looking back,” he said.
Tinubu wished Nigerians a happy 66th Independence Anniversary and called for continued commitment to the country’s future.
IBN News reports that the President’s Independence Day address comes as his administration enters another phase of its economic programme, with the government arguing that earlier reforms have stabilised key aspects of the economy while acknowledging that cost-of-living pressures and access to opportunities remain major concerns for many Nigerians. Government officials have similarly described the next phase as one focused on translating reforms into stability, growth and shared prosperity.
