President Bola Tinubu has declared that Nigeria has moved beyond the most difficult phase of his administration’s economic reforms, saying the country’s economic course has been corrected and a new era focused on shared prosperity should now begin.
In his 66th Independence Day address on Thursday, Tinubu said the government’s main objective over the past three years had been to tackle what he described as longstanding economic distortions. He acknowledged that the reforms had brought painful consequences but argued that they were necessary to put the economy on a more stable footing.
“The emergency treatment is over. The foundation has been repaired,” Tinubu said, adding that the government’s central economic task had now shifted from reform to “shared and widespread prosperity.”
The president pointed to several indicators he said showed improvement. He said Nigeria’s economy has grown by more than 4% this year, with both oil and non-oil sectors contributing to growth. He also cited lower inflation from its peak, rebuilt foreign reserves, greater stability in the foreign exchange market and a reduction in oil theft.
Tinubu also said Nigeria generated more than $6 billion in non-oil export revenue in 2025, which he described as the country’s highest level on record.
But the president acknowledged that many Nigerians continue to face serious economic pressures. Millions of households, he said, are still struggling with food costs, school fees, medical bills and transportation expenses.
His next priority, he said, is therefore to bring down the cost of living by reducing the cost of production and moving goods around the country.
The government plans to expand mechanised farming, irrigation, access to seeds and fertiliser, storage facilities and transportation infrastructure. Tinubu also promised continued investment in roads, railways and ports to improve connections between farms, factories and markets.
The president linked the strategy to job creation, saying Nigeria must turn its large and youthful population into an engine of production. His administration plans to expand gas-powered industries, support manufacturing, increase digital connectivity and provide skills and financing for businesses.
Tinubu also highlighted social programmes, including support for vulnerable households, the Nigerian Education Loan Fund and consumer credit initiatives. He said these measures should serve as a bridge while broader economic growth creates more opportunities.
The president conceded that the country’s problems could not be resolved within a single four-year term, describing many of them as the result of difficulties accumulated over generations.
“We cannot erase in four years what accumulated over generations,” he said, while arguing that his administration could change the country’s trajectory.
Tinubu’s address marks a shift in the government’s economic messaging. After three years dominated by fuel-subsidy removal, foreign-exchange reforms and other difficult measures, the president is now presenting the next phase as one centred on production, jobs, lower living costs and broader prosperity.
Whether those gains translate into significant improvements in household living standards will depend on how quickly growth, investment and government programmes translate into lower prices and more productive employment.
For now, Tinubu’s Independence Day message was that Nigeria has passed through the most difficult part of the reform process and should look ahead.
“Nigeria has corrected its course,” he said. “The age of reform has done its work. Now begins the age of prosperity.”
