By David Akinadewo-Adekahunsi

President Bola Ahmed Tinubu has declared that Nigeria has corrected its economic course and entered a new phase in its national journey, saying the country has moved beyond the difficult era of economic reforms into what he described as the “age of prosperity”.

Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, marking the 66th anniversary of the country’s independence, in which he defended the economic reforms undertaken by his administration and said their effects were beginning to translate into stronger economic fundamentals and renewed prospects for widespread prosperity.

The President acknowledged that the reforms had imposed significant hardships on Nigerians but argued that the difficulties were part of the process of correcting long-standing distortions in the economy.

He said Nigeria had reached a turning point after three and a half years of reforms, with the immediate task of stabilising the economy giving way to the broader objective of creating jobs, expanding production, reducing the cost of living and ensuring that economic growth translates into improved living standards.

“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable,” Tinubu said, citing economic growth of more than four per cent this year, contributions from both the oil and non-oil sectors, reduced oil theft, declining inflation, rebuilt foreign reserves and greater stability in the foreign exchange market.

He also pointed to Nigeria’s non-oil export performance, saying the country recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion. “This is real money being made by real Nigerian businesses,” he said.

According to the President, the developments indicate that the country’s economic foundation has been strengthened sufficiently for the government to shift its attention from emergency economic correction to broad-based prosperity.

“My fellow Nigerians, we have reached a turning point,” he 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 journey towards the new phase would focus less on economic statistics and more on how ordinary Nigerians experience the economy in their daily lives.

He said prosperity would mean a Nigeria where farmers could cultivate their land safely and profitably, manufacturers could access reliable power, businesses could obtain credit, young people could find productive employment and families could afford food, transportation, education and healthcare.

The President identified reduction in the cost of living as a central priority of the next phase, saying the government would seek to achieve this by reducing the cost of producing and transporting goods and services.

He said the Federal Government was expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing agricultural mechanisation and investing in storage and transportation infrastructure.

He also highlighted ongoing investments in roads, railways and ports designed to connect farms and factories to markets.

Tinubu explained that lower production and transportation costs would ultimately benefit consumers, arguing that increased farm productivity, reduced post-harvest losses, cheaper industrial power and improved transportation would help bring down the prices of goods.

He said the government’s prosperity agenda would also place jobs, enterprise and industrial growth at the centre of economic policy, particularly because of Nigeria’s youthful population.

“Millions of young Nigerians enter adulthood every year with talent, energy and ambition,” he said, adding that the government’s responsibility was to ensure that the country’s demographic strength became an engine of production rather than a source of despair.

The President said the administration would deploy Nigeria’s gas resources to power industries, support the revival and expansion of factories, extend digital connectivity and invest in skills required by employers.

He also promised continued support for Nigerian businesses through improved infrastructure and access to finance.

“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, however, acknowledged that millions of Nigerians were still experiencing severe economic difficulties, stressing that the government could not ignore people struggling to afford food, school fees, medical bills and transportation.

He argued that the hardship predated the reforms of the last three years and was the cumulative consequence of decades of low productivity, inadequate infrastructure, insufficient economic opportunities and institutional weaknesses.

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

The President said the government was therefore strengthening social protection measures to ensure that vulnerable Nigerians were supported while the economy transitioned towards greater productivity and opportunity.

He cited efforts to improve the National Social Register so that support would reach households genuinely in need, while the Nigerian Education Loan Fund would enable students from low-income families to pursue higher education without being constrained solely by their parents’ financial circumstances.

He also highlighted the role of the Consumer Credit Corporation (CREDICORP), which he said was providing working Nigerians with access to consumer credit for essential assets such as vehicles, solar systems and digital devices.

According to him, the government was also working with state and local governments to strengthen primary healthcare, basic education and other essential public services on which poorer Nigerians depend.

Tinubu said the Federal Government had, since 2023, paid salaries and pensions on time and in full, while reforms to the national pension system were designed to improve the welfare of retirees and vulnerable Nigerians.

He stressed, however, that social intervention programmes should not become a permanent substitute for economic prosperity.

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

The President acknowledged that eliminating poverty would take time and require sustained economic growth, discipline and the creation of millions of productive opportunities.

He nevertheless maintained that Nigeria was approaching the challenge from a stronger position because the fundamental direction of the economy had been corrected.

“For the first time in decades, we embark on this task from a position of strength; with an economy whose fundamental direction has been corrected,” he said.

Tinubu described the economic reforms as the foundation upon which the next phase of national development would be built, declaring that “the age of reform has done its work”.
“Now begins the age of prosperity,” he said.

The President used the Independence anniversary to reflect on Nigeria’s 66-year journey, acknowledging that the country had endured civil war, military rule, economic crises, insecurity and political upheaval.

Despite the difficulties, he said Nigerians had continued to demonstrate resilience through their daily efforts to sustain families, businesses, communities and national institutions.

He paid tribute to farmers, traders, teachers, entrepreneurs and members of the Armed Forces and security services, describing their work and sacrifices as central to the survival and development of the country.

Tinubu said independence was about more than the raising of the Nigerian flag or the country’s admission into the community of sovereign nations.

According to him, the independence project carried the promise that Nigerians would be able to determine their own destiny and build a country capable of providing opportunity, dignity and a better quality of life.

“Sixty-six years later, Almighty God has made it our responsibility to deliver that promise,” he said.

The President maintained that the country’s economic difficulties could no longer be addressed by postponing difficult decisions, saying successive administrations had inherited and passed on structural problems that eventually became increasingly difficult to manage.

He likened the situation inherited by his administration in 2023 to a patient diagnosed with cancer, arguing that the country had to choose between confronting the underlying problems and merely masking their symptoms.

Tinubu defended the reforms against calls for their reversal, particularly demands for a return to fuel subsidy arrangements.

He described such calls as an attempt to abandon the treatment before the underlying economic problems had been fully addressed.

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

He urged Nigerians to look beyond the immediate discomfort associated with the reforms and consider the economic foundations that he said had emerged as a result of the measures.

Looking ahead, the President said the task before the nation was to convert improved economic stability into tangible prosperity across households and communities.

He said the new phase must produce an economy in which increased agricultural and industrial output, improved infrastructure, digital expansion and greater access to finance translate into jobs, lower costs and better opportunities.

Tinubu ended his address with a call for Nigerians to remain committed to the journey ahead, using the biblical account of the Israelites’ passage through the Red Sea as a metaphor for the country’s economic transition.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he declared.

He described the “Promised Land” ahead as a Nigeria of abundance and opportunity, where prosperity would be broadly shared, children would be able to dream beyond the circumstances of their birth and the country’s enormous potential would be reflected in the everyday lives of its citizens.

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