President Bola Tinubu has told Nigerians that the country is entering what he described as an “age of prosperity” after years of economic reforms, as Nigeria marks its 66th Independence Day on Thursday, 1 October.
In his Independence Day address, Tinubu said the government’s next priorities would include reducing the cost of living, creating jobs, expanding domestic production and improving opportunities for businesses and young Nigerians. He acknowledged that many households still struggle with food, school fees, healthcare and transport costs. Tinubu argued that reforms introduced since his administration took office in 2023 had strengthened the economy, citing economic growth, lower inflation from its peak, rebuilt foreign reserves, a more stable foreign exchange market and record non-oil export earnings in 2025. Those claims formed part of the government’s assessment of its own economic programme.
Lower Living Costs Are the Stated Priority
Tinubu said bringing down the cost of living would now be a central government priority. He outlined plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase mechanisation and invest in storage and transport infrastructure, including roads, railways and ports. The President said the government’s intention was to reduce the costs faced by farmers, manufacturers and transporters so that those savings could eventually translate into lower prices for consumers. The address, however, did not provide a specific timetable for when households could expect those measures to produce noticeably lower prices.
Jobs and Industry Move to the Centre of Policy
Tinubu said jobs, enterprise and industrial growth would be placed at the heart of the government’s next phase of economic policy.
He said Nigeria would use more of its gas resources to support industry, expand digital connectivity, invest in workforce skills and improve access to infrastructure and finance for Nigerian businesses.
The President also called for increased domestic production, saying he wanted more Nigerian farms supplying cities and factories and more businesses producing goods for local consumption and export.
For households facing immediate hardship, Tinubu said the government would continue strengthening direct support for poorer Nigerians and improving the National Social Register so assistance reaches people considered most in need. He also pointed to the Nigerian Education Loan Fund and the government-backed consumer credit programme, CREDICORP, as examples of programmes intended to expand access to education and consumer finance. CREDICORP describes its mandate as expanding responsible consumer credit access for Nigeria’s working population.
Tinubu Defends Economic Reforms
Tinubu used the Independence Day address to defend the direction of his administration’s economic reforms. He said his government had chosen to confront longstanding economic distortions rather than continue policies it considered unsustainable, and argued that the country had reached a “turning point” after the difficult initial phase.
The President described the government’s current support programmes as a bridge for vulnerable Nigerians rather than a permanent solution to poverty, saying sustained growth and the creation of productive opportunities would ultimately be needed to improve living standards. His central message was that the administration now sees its economic task as moving from stabilisation and reform towards broader prosperity.
What Happens Next
The practical test of Tinubu’s message will be whether the government’s stated priorities translate into changes Nigerians can see in household costs, employment, food production, incomes and public services.
The address set out the government’s direction but did not provide a fixed timetable for when those improvements should become visible.
Nigeria gained independence from Britain on 1 October 1960. Sixty-six years later, Tinubu is presenting the country as entering a new economic phase after several years of reforms, with the government now promising to focus more directly on living standards and opportunities
