Tinubu: Economy has grown 4%, inflation cooling, oil theft down

…Says next phase is industrial boom, job creation

President Bola Tinubu has said that Nigeria’s economy grew by more than four per cent in 2026, with both the oil and non-oil sectors contributing to what he described as a period of stable growth.

Tinubu made the disclosure in his Independence Day address to Nigerians on Thursday, saying the country’s economic outlook had improved significantly following reforms introduced by his administration.

He said oil theft had declined, inflation had fallen substantially from its peak, while foreign reserves had been rebuilt and the foreign exchange market stabilised.

According to him, Nigeria also recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.

“This is real money being made by real Nigerian businesses,” the President said.

Tinubu also said foreign direct investment had continued to rise, arguing that the private sector and international observers had recognised the progress made in stabilising the economy.

He said the government’s economic priority had now shifted from correcting structural weaknesses to delivering “shared and widespread prosperity.”

The President said the next phase of his administration’s economic programme would focus on reducing the cost of living by lowering the cost of producing and transporting goods. He listed mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation, storage and transportation among the areas the government would prioritise.

Tinubu said the Federal Government was also building and completing roads, railways and ports to improve connections between farms, factories and markets.

He explained that lower production and transportation costs would ultimately translate into cheaper goods 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.

The President also placed job creation, enterprise and industrial growth at the centre of the next phase of his economic agenda.

He said the government would use Nigeria’s gas resources to power new industries, support the revival of factories, expand digital connectivity and invest in skills required by employers.

Tinubu added that Nigerian businesses would receive infrastructure and financing support to expand their operations and compete in international markets.

He said the government wanted more Nigerian farms to supply cities and factories, while local companies should increasingly sell Nigerian-made products to the global market.

The President acknowledged that millions of Nigerians were still struggling with food, school fees, medical bills and transportation costs, but said the challenges were the result of decades of low productivity, inadequate infrastructure and limited economic opportunities.

He said the government was strengthening direct support for poor households and improving the National Social Register to ensure assistance reached those who needed it.

Tinubu also cited the Nigerian Education Loan Fund and CREDICORP as measures designed to expand access to education and consumer credit.

He said CREDICORP was helping working Nigerians obtain vehicles, solar systems, digital devices and other essential assets without having to save for years before purchasing them.

The President said the government would continue to work with states and local governments to strengthen primary healthcare, basic education and other essential public services.

He said the reforms undertaken over the past three years had laid the foundation for a new phase of economic growth.

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

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