Tinubu: Era of tough reforms over, Nigeria enters prosperity phase

President Bola Tinubu has declared that Nigeria has moved beyond the period of difficult economic reforms, saying his administration is now focused on delivering broad-based prosperity to citizens.

Tinubu made the declaration on Thursday in his Independence Day address to Nigerians as the country marked its 66th anniversary of independence.

The President said the past three years of his administration had been largely devoted to correcting longstanding distortions in the economy, describing the period as difficult but necessary.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” Tinubu said.

According to him, the administration’s priority has now shifted from economic correction to ensuring that the benefits of growth are felt across the country.

“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity,” he added.

Tinubu cited what he described as improvements in Nigeria’s economic outlook, including economic growth of more than four per cent this year, declining inflation, stronger foreign reserves and greater stability in the foreign exchange market.

He also said oil theft had declined while Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion.

“These are not idle claims,” the President said, arguing that international observers, journalists, non-governmental organisations and multilateral institutions had acknowledged improvements in Nigeria’s economic stability and resilience.

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However, Tinubu acknowledged that improved economic indicators must ultimately translate into better living conditions for Nigerians.

He said the success of his economic programme would not be measured merely by the size of the economy but by whether Nigerians could produce, work and live with greater security and opportunity.

The President outlined a vision in which farmers can cultivate their land safely and earn better incomes, manufacturers have access to reliable electricity, businesses can obtain credit and young Nigerians can secure productive employment.

He also promised measures aimed at making food, transportation, education and other essential services more affordable and accessible.

Focus shifts to cost of living

Tinubu said the next phase of the administration’s economic programme would focus heavily on reducing the cost of producing and transporting goods.

He listed expanded mechanised irrigation and dry-season farming, greater access to seeds and fertiliser, increased agricultural mechanisation, improved storage facilities and transportation infrastructure as part of the strategy.

The government, he said, would also continue investments in roads, railways and ports to improve the movement of goods across the country.

“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.

The President also identified job creation, enterprise development and industrial expansion as key priorities in the new phase.

He said Nigeria’s gas resources would be deployed to power new industries and support the revival of factories in major industrial centres.

Tinubu added that the government would expand digital connectivity, develop skills required by employers and provide businesses with infrastructure and financing to support expansion.

‘We cannot erase decades of challenges in four years’

While highlighting the progress recorded by his administration, Tinubu acknowledged that millions of Nigerians continue to struggle with food costs, school fees, medical bills and transportation expenses.

He attributed many of 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 also pointed to social intervention programmes, including support for vulnerable households, improvements to the National Social Register, the Nigerian Education Loan Fund and CREDICORP.

He said such programmes were designed to provide support while the broader economy expands rather than serve as substitutes for economic prosperity.

“Our objective is not to manage poverty more efficiently. We will defeat it,” Tinubu declared.

He said achieving that objective would require sustained economic growth and the creation of millions of productive opportunities across the country.

“The age of reform has done its work. Now begins the age of prosperity,” the President said.

Tinubu urged Nigerians to look beyond the sacrifices associated with the reform period and concentrate on building on what he described as stronger economic foundations.

“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 towards what he described as a Nigeria of “abundance and opportunity”, where prosperity is broadly shared and every child can aspire beyond the circumstances of birth.