Nigeria @66: Age of reforms over, era of prosperity begins – Tinubu

President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the phase of difficult economic reforms, saying his administration’s next priority is to deliver shared and widespread prosperity to citizens.

Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, as the country marked its 66th anniversary, during which he acknowledged the hardship experienced by millions of citizens while defending the economic measures implemented by his administration since 2023. Blueprint reports

The President said Nigeria had reached a turning point after three years of efforts aimed at correcting what he described as deep-rooted economic distortions, insisting that the country must now focus on translating economic stability into improved living standards, jobs and greater opportunities.

According to him, “the emergency treatment is over” and the central economic task has shifted from correcting the country’s economic direction to achieving “shared and widespread prosperity.” The declaration formed the central message of his address, titled From Reform to Prosperity.

Tinubu defends economic reforms

The President used the broadcast to defend the difficult economic decisions taken by his administration, arguing that the reforms did not create Nigeria’s underlying economic weaknesses but were introduced to confront them.

He compared the country’s pre-reform economic situation to a patient diagnosed with cancer, saying previous governments had repeatedly treated the symptoms of the problem rather than addressing its underlying causes.

Tinubu said the reforms had come with what he described as real “side effects”, but maintained that abandoning them in favour of what he called unsustainable subsidy arrangements would undermine the progress already made.

He said the administration had chosen to confront the structural weaknesses in the economy rather than continue policies that, in his assessment, postponed difficult decisions and passed their consequences from one generation to another.

President cites economic gains

Tinubu said the economic outlook had improved three and a half years into his administration, citing growth of more than four per cent in 2026 and contributions from both the oil and non-oil sectors.
He also listed lower oil theft, a substantial decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market among what he described as evidence of progress.

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. He argued that the developments demonstrated that Nigerian businesses were increasingly contributing to the country’s economic expansion.

The Federal Ministry of Information had similarly said ahead of the anniversary that the government’s next task was to consolidate the reforms and translate their gains into jobs, investment, increased production and improved living standards.

Cost of living takes centre stage

Tinubu said reducing the cost of living would be a major priority in the next phase of his administration, with emphasis on lowering the cost of producing and transporting goods.

He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.

According to him, ongoing investments in roads, railways and ports are intended to improve the movement of goods between farms, factories and markets, while reducing production and distribution costs.

He argued that lower costs at different stages of production would ultimately affect the prices paid by consumers, particularly if farmers, manufacturers and transport operators could operate more efficiently.

Jobs, industry and youth

The President also placed job creation and industrial expansion at the centre of the next phase of his administration’s economic programme.

He said Nigeria’s large youth population should become an engine of production rather than a source of frustration, stressing the need to create opportunities for young people with skills, talent and entrepreneurial ambitions.

Tinubu said the government would use Nigeria’s gas resources to support new industries, assist businesses seeking to revive factories, expand digital connectivity and invest in skills required by employers.

He also expressed a desire to see more Nigerian-made products, stronger agricultural production and more businesses capable of competing in international markets.

“I want young Nigerians building unicorns and creating opportunities for others here at home,” the President said.

Tinubu acknowledges hardship

Despite his emphasis on economic progress, Tinubu acknowledged that millions of Nigerians continued to face difficulties meeting basic needs, including food, school fees, healthcare and transportation costs.

He said those challenges predated his administration and reflected the cumulative effects of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutional weaknesses.

The President said his administration could not eliminate in four years problems that had accumulated over generations, but maintained that it could change the country’s trajectory.

He said the government was therefore strengthening direct support for poorer households and improving the National Social Register to ensure that assistance reached those considered genuinely in need.

Tinubu also highlighted the Nigerian Education Loan Fund, saying it was intended to enable students from low-income families pursue higher education, while the Consumer Credit Corporation, CREDICORP, was providing access to credit for working Nigerians seeking to acquire essential assets.

He added that the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
‘We will defeat poverty’

The President said social intervention programmes should not be regarded as the ultimate solution to poverty but as a bridge towards a more prosperous economy.

“Our objective is not to manage poverty more efficiently. We will defeat it,” he declared, while acknowledging that achieving the goal would require sustained economic growth and the creation of millions of productive opportunities.

Tinubu said the administration believed the country was entering the next phase from what he described as a stronger economic foundation, following the difficult decisions taken since 2023.

He described the new phase as the “age of prosperity”, saying the ultimate test would be whether the promise of Nigeria could be translated into tangible improvements in the lives of citizens.
‘No looking back’

The President called on Nigerians to look ahead rather than return to the economic conditions he said necessitated the reforms.

He said the country had corrected its course and urged citizens to maintain faith in Nigeria and in the sacrifices made during the reform period.

Tinubu said his vision was for a Nigeria of “abundance and opportunity”, where prosperity would be broadly shared and children could aspire beyond the circumstances of their birth.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.

He concluded the Independence Day address by wishing Nigerians a happy Independence Day and praying for the continued blessing of the country.