President Bola Tinubu has assured Nigerians that the economic reforms introduced by his administration are beginning to lay the foundation for a more prosperous and stable country.
Tinubu gave the assurance in his Independence Day address to Nigerians on Thursday, October 1, as the nation marked its 66th anniversary of independence.
The President acknowledged that the reforms, including the removal of fuel subsidy and changes to the foreign exchange system, came with significant economic pressures for households and businesses. However, he maintained that the measures were necessary to address longstanding weaknesses in the economy and put the country on a more sustainable path.
According to Tinubu, Nigeria’s economy has now entered a new phase, with growth recorded at more than four per cent this year, supported by improvements in both the oil and non-oil sectors.
He also pointed to a decline in crude oil theft, easing inflation, stronger foreign reserves and greater stability in the foreign exchange market as indications of progress.
Tinubu further said Nigeria recorded more than six billion dollars in non-oil export revenue in 2025, describing the development as evidence of growing activity among Nigerian businesses.
The President said the focus of his administration must now shift from correcting economic distortions to ensuring that Nigerians feel the benefits of growth in their daily lives.
He identified lower production and transportation costs, increased agricultural output, improved infrastructure, industrial expansion and job creation as key areas of focus in the next phase of his administration.
Tinubu said government would expand mechanised farming, irrigation, access to agricultural inputs, storage facilities and transportation networks, while continuing investments in roads, rail and ports to improve the movement of goods from farms and factories to consumers.
He also highlighted plans to expand gas-powered industries, revive manufacturing, improve digital connectivity and equip young Nigerians with skills needed in the modern economy.
On social welfare, the President acknowledged that millions of Nigerians are still struggling with food costs, school expenses, healthcare bills and transportation. He said government would continue strengthening support for vulnerable households while expanding access to education financing, healthcare and other essential services.
Tinubu maintained that the ultimate objective is not simply to manage economic hardship but to create an economy capable of generating productive jobs, expanding opportunities and reducing poverty.
He said Nigeria has passed through a difficult period of economic adjustment and must now consolidate the gains of the reforms by building an economy where prosperity is more broadly shared.
The President called on Nigerians to remain united and forward-looking, insisting that the country’s large population, natural resources and human capital provide the foundation for a stronger and more prosperous future.
He concluded by urging Nigerians to look ahead with renewed confidence, saying the country must now move from an era of economic reform into what he described as an age of prosperity.
