By David Akinadewo-Adekahunsi 

President Bola Ahmed Tinubu has promised Nigerians a new phase of economic prosperity anchored on lower cost of living, increased production, job creation and improved access to essential services, declaring that his administration’s next priority is to ensure that the benefits of economic reforms are felt in households across the country.

Tinubu made the commitment in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary, saying the Federal Government would now focus on translating improved economic fundamentals into tangible improvements in the lives of citizens.

The President said his administration had spent the past three years correcting what he described as deep-rooted distortions in the Nigerian economy, but stressed that the purpose of those reforms was not simply to produce favourable economic statistics.

He said the next phase would focus on “shared and widespread prosperity”, with particular attention to the cost of living, productive employment, agriculture, manufacturing, infrastructure, digital connectivity and access to finance.

“My fellow Nigerians, we have reached a turning point,” Tinubu said. “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.”

According to the President, prosperity must be measured by the everyday experiences of Nigerians rather than economic figures alone.

He said his vision was for farmers to cultivate their land safely, produce at lower cost and earn decent returns; for factories to have reliable electricity; for businesses to access credit; and for young Nigerians to find productive employment.

He also envisaged a country where food and transportation would become more affordable, education would be within reach of families and hard-working Nigerians could look to the future with greater confidence.

Tinubu identified the reduction of the cost of living as a major priority of the new phase, saying the government would seek to achieve this by reducing the cost of producing and moving goods and services.

“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,” he said.

The President said the Federal Government would intensify efforts to increase agricultural production through mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, greater mechanisation, as well as investment in storage and transportation.

He said the government was also building and completing roads, railways and ports to improve connections between farms, factories and markets.

Tinubu explained that the strategy was designed to reduce costs throughout the production chain, arguing that increased farm output, reduced post-harvest losses, lower industrial energy costs and faster transportation would eventually translate into lower prices 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.

Beyond lowering prices, the President said his administration would pursue policies aimed at creating productive employment for millions of Nigerians, particularly young people entering the labour market every year.

He described Nigeria’s youthful population as a potential engine of economic growth if supported with the right opportunities, skills and infrastructure.

“Millions of young Nigerians enter adulthood every year with talent, energy and ambition. Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair,” he said.

Tinubu said jobs, enterprise and industrial growth would therefore remain at the centre of government policies.

He promised to use Nigeria’s gas resources to power new industries, support businesses seeking to revive factories in established industrial centres, expand digital connectivity to underserved communities and invest in skills required by employers.

The President also pledged to provide Nigerian businesses with infrastructure and financing needed to expand production.

“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 while the government was looking towards a more prosperous future, millions of Nigerians were still facing immediate economic pressures.

He said some families continued to struggle to provide food, pay school fees, meet medical expenses or afford transportation to work.

The President said those challenges did not begin with the economic reforms of the past three years, but were the cumulative result of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutional weaknesses.

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

He promised that the government would strengthen social protection measures to support vulnerable Nigerians while creating an economy capable of providing sustainable opportunities.

Tinubu said the National Social Register was being improved to ensure that assistance reached households genuinely in need.

He also highlighted the Nigerian Education Loan Fund, saying it would help ensure that children from low-income families were not denied access to higher education because of their parents’ inability to pay fees.

The President further cited the Consumer Credit Corporation, CREDICORP, as an initiative providing working Nigerians with access to credit to acquire vehicles, solar systems, digital devices and other essential assets without having to save for years before making such purchases.

He said the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services on which vulnerable Nigerians depend.

Tinubu also said salaries and pensions had been paid on time and in full since 2023, while reforms to the national pension programme were being implemented to improve the welfare of retirees and vulnerable citizens.

He stressed that social interventions were not intended to become substitutes for economic prosperity but to provide temporary support as Nigerians moved towards greater economic independence.

“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 achieving the objective would require time, discipline, sustained economic growth and the creation of millions of productive opportunities across the country.

He nevertheless expressed confidence that Nigeria was entering the new phase from a stronger economic position following the reforms implemented since 2023.

“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 said the transition from reform to prosperity would require Nigerians to remain committed to the economic path while government focuses on making the benefits of growth more widely distributed.

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

The President said the ultimate objective was to build a Nigeria where prosperity would be broadly shared, children could dream beyond the circumstances of their birth and the country’s vast resources and human potential would translate into better living conditions for its citizens.

He described the destination as “a Nigeria of abundance and opportunity”, urging Nigerians to look ahead with renewed confidence.

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

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