By George Ozalla

President Bola Ahmed Tinubu has declared that Nigeria has passed through a difficult period of economic reforms and is now entering what he described as an “age of prosperity”, saying the Federal Government’s focus has shifted from correcting the country’s economic direction to creating shared and widespread prosperity.

Tinubu made the declaration on Thursday, October 1, 2026, in his Independence Day address to Nigerians as the country marked its 66th anniversary, where he reviewed the nation’s economic journey, defended the reforms introduced by his administration and outlined measures he said would bring down the cost of living, expand production, create jobs and reduce poverty.

The President began his address by recalling that 66 years after Nigeria’s flag was raised over a free and sovereign nation, the country had passed through war, military rule, economic crises, insecurity and political upheavals.

He said despite the difficulties, Nigeria had endured through the efforts of farmers, traders, teachers, young entrepreneurs and members of the Armed Forces and security services who, according to him, had contributed to keeping the country going.

Tinubu stated that independence was not simply about the national flag, anthem or Nigeria’s place among nations, but carried the responsibility of building a country where citizens could shape their own destiny and enjoy opportunity, dignity and a better life.

He, however, said Nigeria’s journey had been too difficult for too many people, particularly as the country entered 2023 with rising poverty and dwindling hope.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” he said.

The President used the analogy of a cancer patient to explain his administration’s decision to introduce difficult economic reforms, saying previous governments had often treated the symptoms of Nigeria’s economic problems instead of confronting their root causes.

According to him, the reforms, including the removal of fuel subsidy and changes to the foreign exchange system, were painful but necessary to address what he described as deep economic distortions.

He said his administration had chosen to “excise the cancer” rather than continue with what he described as unsustainable arrangements.

“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease,” Tinubu stated.

He maintained that the reforms did not create the weaknesses in the Nigerian economy but confronted them, while urging Nigerians to resist calls to return to what he described as the abuse of subsidies.

Three and a half years into his administration, Tinubu said the country’s economic outlook had improved, noting that the economy had grown by more than four per cent in 2026, with both the oil and non-oil sectors contributing to the growth.

The latest National Bureau of Statistics data put real Gross Domestic Product growth at 4.43 per cent in the second quarter of 2026, compared with 3.89 per cent in the first quarter and 4.23 per cent in the corresponding quarter of 2025.

Tinubu further stated that oil theft had reduced, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.

He also disclosed that Nigeria recorded more than $6 billion in non-oil export revenue in 2025, which he described as the highest in the country’s history.

“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” the President said, adding that foreign direct investment had continued to rise.

Tinubu said the country had reached a turning point because the immediate task of economic correction had largely been addressed.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” he said.

“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”

The President explained that by prosperity, he was not referring merely to a larger economy or improved statistics, but to a situation where farmers could produce more at lower cost, factories could have reliable power, businesses could obtain credit and young Nigerians could find productive employment.

He also said his administration wanted Nigerians to have access to affordable food, transportation and education, while hard-working families would be able to look towards the future with greater confidence.

Tinubu identified reduction of the cost of living as a major priority of the next phase of his administration.

He said the government would pursue the objective by lowering the cost of producing and transporting goods, with increased attention to mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, agricultural mechanisation, storage and transportation.

He said the Federal Government was also building and completing roads, railways and ports to connect farms and factories with markets.

The President explained that lower production and transportation costs would help reduce the prices of goods, saying fewer post-harvest losses, cheaper electricity for manufacturers, faster movement of goods and fair competition would help bring savings to consumers.

Tinubu also placed job creation and industrial growth at the centre of the next phase of his administration.

He said Nigeria’s large young population represented an opportunity that government must convert into productive activity rather than allow it to become a source of despair.

“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres,” he said.

He further stated that government would expand digital connectivity, invest in skills demanded by employers and support Nigerian businesses with infrastructure and finance needed to expand.

The President said he wanted more Nigerians producing goods locally, more Nigerian farms supplying cities and factories and more Nigerian businesses exporting their products.

“I want young Nigerians building unicorns and creating opportunities for others here at home,” he stated.

Tinubu also acknowledged the hardship still being experienced by millions of Nigerians, including difficulties in meeting the cost of food, school fees, medical bills and transportation.

He said the problems confronting many families did not begin with the economic reforms of the past three years, but were also linked to decades of low productivity, inadequate infrastructure, insufficient opportunities and weaknesses in public institutions.

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

The President said the Federal Government was strengthening direct support for the poorest households and improving the National Social Register to ensure that assistance reached people who genuinely needed it.

He also cited the Nigerian Education Loan Fund (NELFUND), saying it was helping children from low-income families pursue higher education without their parents having to shoulder the entire cost.

He mentioned the Consumer Credit Corporation (CREDICORP), saying the initiative was giving working Nigerians access to consumer credit for vehicles, solar systems, digital devices and other essential assets.

Tinubu said the Federal Government would also continue to work with state and local governments to strengthen primary healthcare, basic education and other essential public services.

He stated that salaries and pensions had been paid on time and in full since 2023 and said the national pension programme had been reformed to benefit retirees and vulnerable Nigerians.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.

The President declared that the objective of his administration was not simply to manage poverty but to lift Nigerians out of it.

“Our objective is not to manage poverty more efficiently. We will defeat it,” he stated.

Tinubu acknowledged that achieving the objective would require time, discipline, sustained economic growth and the creation of millions of productive opportunities.

He said the country was now approaching the task from what he described as a position of strength, with the fundamental direction of the economy 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.

He maintained that the difficult choices made by his administration had laid the foundation for what he called lasting prosperity, stressing that the next phase should focus on making the benefits of economic recovery felt in the lives of Nigerians.

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

The President also acknowledged that the road ahead would still demand sacrifices, but said Nigerians should move forward with confidence in the country and in themselves.

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

Tinubu wished Nigerians a happy 66th Independence Anniversary and called for unity and renewed commitment to building a stronger and more prosperous Nigeria.