Nigeria@66: Age of economic reforms over, now begins prosperity — Tinubu

President Bola Tinubu has declared that Nigeria has moved beyond the phase of economic reforms and entered what he described as an “age of prosperity”, promising to focus his administration on lowering the cost of living, creating jobs and expanding opportunities for Nigerians.

Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, as the country marked 66 years of independence.

The president said his administration had taken difficult economic decisions since assuming office, arguing that the reforms were necessary to address longstanding distortions in the economy.

“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,” Tinubu said.

Using a medical analogy to explain the reforms, the president likened Nigeria’s economic situation to a patient diagnosed with cancer who must undergo painful treatment to recover.

“Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery,” he said.

“The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.”

Tinubu said previous administrations had avoided difficult decisions by treating the symptoms of the country’s economic problems rather than addressing their underlying causes.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.

“They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.”

The president said his administration resolved to take a different approach after assuming office.

“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease,” he said.

Tinubu argued that the reforms did not create Nigeria’s economic weaknesses but were designed to tackle them.

“Our reforms did not create the weaknesses in our economy. They confronted them,” he said.

According to the president, Nigeria’s economic outlook has improved three and a half years after the reforms began.

“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” he said.

He also listed lower oil theft, falling inflation, rebuilt foreign reserves and a more stable foreign exchange market among the gains recorded under his administration.

“Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion. This is real money being made by real Nigerian businesses,” Tinubu said.

He added that international observers and private-sector stakeholders had recognised what he described as improvements in Nigeria’s economic stability and resilience.

“My fellow Nigerians, we have reached a turning point,” the president declared.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed. For three years, our overriding purpose was to correct our nation’s course.

“Now, our purpose is simple: shared and widespread prosperity.”

Tinubu said the next phase of his administration would focus on making economic growth translate into improved living conditions for Nigerians.

“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal,” he said.

“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work.”

He said his government’s immediate priority was to reduce the cost of living by lowering the cost of producing and transporting goods.

“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” Tinubu said.

He listed mechanised irrigation, dry-season farming, access to seeds and fertiliser, storage and transportation among measures being pursued to boost agricultural production.

“We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation,” he said.

Tinubu also pointed to ongoing investments in roads, railways and ports as part of efforts to connect farms and factories with markets.

“Our logic is simple. 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.

On employment, the president said jobs, enterprise and industrial expansion would remain central to his administration’s policies.

“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” Tinubu said.

He said the government would use Nigeria’s gas resources to power industries, support businesses seeking to revive factories, expand digital connectivity and provide skills and financing for businesses.

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

Tinubu acknowledged that millions of Nigerians were still struggling with basic needs, including food, education, healthcare and transportation.

“Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.

“Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.”

The president said his administration could not reverse decades of accumulated challenges in four years but could change the country’s direction.

“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.

He also highlighted social interventions, including direct support for poorer households, improvements to the National Social Register and the Nigerian Education Loan Fund.

Tinubu said the administration had also strengthened access to consumer credit through CREDICORP and continued investments in primary healthcare, basic education and other public services.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently,” he said.

“We will defeat it.”

The president acknowledged that achieving broad prosperity would take time and require sustained economic growth and the creation of millions of productive opportunities.

“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country,” he said.

Tinubu concluded by urging Nigerians to look ahead rather than dwell on past difficulties.

“The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life,” he said.

He added: “Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward.

“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.

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

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