In his Independence Day address on Thursday, President Bola Tinubu declared that lowering the cost of living is a top priority for his administration as Nigeria enters a new era of prosperity.
To achieve this, he stated that the government will focus specifically on driving down the production and transportation costs of daily goods for Nigerians.
“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.
To achieve this, the administration’s strategy centers on aggressive investment in agriculture—specifically expanding mechanized irrigation, dry-season farming, modern equipment, quality seeds, fertilizer, and better storage and transit infrastructure.
Alongside these agricultural upgrades, the government is completing critical roads, railways, and ports to streamline logistics between farms, factories, and markets.
By systematically trimming expenses across production and distribution, these measures aim to deliver direct, long-term price relief 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.”
The President’s declaration places the cost of living at the centre of the administration’s next economic phase, after three years in which he said government had concentrated on correcting structural weaknesses in the economy.
Tinubu said prosperity must mean more than improvements in economic statistics, stressing that ordinary Nigerians should feel the benefits through more affordable food and transportation, reliable electricity, productive employment and greater economic opportunities.
He also linked lower living costs to increased domestic production, saying Nigeria has the land and human resources required to feed itself.
The President said his government would continue to invest in the agricultural and transportation infrastructure needed to reduce waste and improve the movement of goods from farms to markets.
Beyond agriculture, Tinubu identified the cost of electricity for manufacturers as another area where lower production costs could contribute to cheaper goods.
He said the government would use Nigeria’s gas resources to power new industries and support businesses seeking to revive factories in the country’s industrial centres.
The President also promised expanded digital connectivity, skills development and infrastructure and financing support for Nigerian businesses.
He said the broader objective was to create an economy in which Nigerians produce more, businesses become more competitive and the resulting efficiencies eventually benefit consumers.
Tinubu acknowledged that millions of Nigerians are still struggling with basic expenses, including food, school fees, medical bills and transportation.
He said those difficulties were the accumulated result of decades of low productivity, inadequate infrastructure and insufficient economic opportunities.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
Tinubu declared that Nigeria’s era of difficult economic reforms is over, saying the country has entered a new phase focused on delivering shared and widespread prosperity to its citizens.
According to the President, the administration’s economic priority has shifted after three years of what he described as difficult but necessary reforms aimed at correcting longstanding distortions in the economy.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” Tinubu said.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity,” he added.
Tinubu said the reforms undertaken since his administration assumed office had produced improvements in Nigeria’s economic outlook, citing economic growth of more than four per cent this year, lower inflation, rebuilt foreign reserves and a more stable foreign exchange market.
He also said oil theft had declined and that Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion.
“These are not idle claims,” the President said, arguing that international observers, journalists, non-governmental organisations and multilateral institutions had recognised improvements in the country’s economic stability and resilience.
Tinubu acknowledged, however, that the economic gains must translate into tangible improvements in the lives of ordinary Nigerians.
He stated that prosperity should not be measured simply by the size of the economy or improved economic statistics, but by whether Nigerians could produce, work and live with greater security and opportunity.
He listed expanded mechanised irrigation and dry-season farming, greater access to seeds and fertiliser, increased mechanisation, improved storage and transportation, and continued investment in roads, railways and ports among the measures being pursued.
The president stressed: “Our objective is not to manage poverty more efficiently. We will defeat it. The age of reform has done its work. Now begins the age of prosperity.”
Tinubu urged Nigerians to look beyond the sacrifices associated with the reform period and focus on building on what he described as stronger economic foundations.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
Urging citizens to look ahead with confidence, President Tinubu envisioned a future of “abundance and opportunity” a Nigeria where prosperity is widely shared and every child has the chance to thrive regardless of their background.