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President Bola Tinubu has declared that Nigeria has moved beyond the difficult phase of economic reforms and entered what he described as an “age of prosperity”, with the government now focused on lowering the cost of living, creating jobs and expanding economic opportunities.
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 address, themed “From Reforms to Prosperity”, centred largely on the administration’s assessment of its economic reforms and its plans for the next phase of its economic agenda.
Tinubu says emergency treatment over
Declaring that the beginning of a new era after three years of reforms, the President said:
- “The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” the President said.
- “For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
The President said successive governments had postponed difficult economic decisions, allowing deep economic distortions to worsen over time.
He likened the situation Nigeria faced before his administration’s reforms to a patient diagnosed with cancer who must endure painful treatment to address the underlying disease.
- “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,” he said.
According to Tinubu, his administration chose to confront the structural weaknesses in the economy despite the hardship associated with the reforms.
- “Our reforms did not create the weaknesses in our economy. They confronted them,” he said.
He also warned against abandoning the reforms and returning to what he described as “addictive subsidies”, saying Nigeria must remember why the reforms were introduced and how far the country had come.
President cites economic gains
Tinubu said Nigeria’s economic outlook had improved three and a half years into his administration, citing growth of more than 4% in 2026.
He said both the oil and non-oil sectors had contributed to what he described as a period of stable growth.
The President also said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
He added that Nigeria recorded more than $6 billion in non oil export revenue in 2025, which he described as the highest in the country’s history.
- “These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” Tinubu said.
He also said foreign direct investment continued to rise each year.
Lower cost of living becomes priority
Tinubu said the government’s immediate priority would be to reduce the cost of living by lowering the cost of producing and transporting goods.
- “We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” he said.
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.
The President also pointed to ongoing investment in roads, railways and ports as part of efforts to connect farms and factories to markets.
According to him, lower production and logistics costs should ultimately translate into lower prices for consumers.
- “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.
Government targets jobs and industrial growth
The President said job creation, enterprise development and industrial growth would be at the centre of the next phase of the government’s economic programme.
He said the government would use Nigeria’s gas resources to power new industries, support businesses seeking to revive factories and expand digital connectivity to underserved communities.
It will also invest in skills development and provide Nigerian businesses with infrastructure and financing needed to expand.
- “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,” Tinubu said.
He also expressed the ambition of seeing young Nigerians build technology companies valued at more than $1 billion and create employment opportunities domestically.
Tinubu acknowledges hardship facing Nigerians
Despite his claims of improving economic conditions, Tinubu acknowledged that millions of Nigerians continue to struggle with basic expenses, including food, school fees, medical bills and transportation.
He said the hardship predated his administration and was the result of decades of low productivity, inadequate infrastructure, insufficient opportunities and weak institutions.
- “We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
The President said the government would strengthen direct support for the poorest households and improve the National Social Register to ensure assistance reaches those who need it.
He also highlighted the Nigerian Education Loan Fund, saying it would help students from low income households access higher education, while the Nigerian Consumer Credit Corporation would provide working Nigerians with access to financing for vehicles, solar systems, digital devices and other essential assets.
