President Bola Tinubu has declared that Nigeria has moved through what he described as a difficult period of economic reforms and is now entering what he called an “age of prosperity.”
Tinubu made the declaration on Thursday in his nationwide broadcast marking Nigeria’s 66th Independence Anniversary.
Reflecting on Nigeria’s journey since independence in 1960, the President acknowledged the country’s experience with civil war, military rule, economic crises, insecurity and political instability.
He said Nigerians had continued to maintain hope in the country despite these challenges, describing that resilience as an important part of the nation’s history.
Tinubu devoted a significant part of his address to defending the economic reforms introduced since he assumed office in 2023.
Using a medical analogy, he compared the Nigeria he inherited to a seriously ill patient and said previous administrations had, in his assessment, relied on measures that treated the symptoms of deeper economic problems.
He argued that his administration instead chose to pursue difficult reforms, including the removal of the petrol subsidy and changes to the foreign exchange system.
According to Tinubu, the reforms created significant hardships but were necessary to address what he described as longstanding economic distortions.
The President said his administration now believes the country has moved beyond the emergency phase of those reforms.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable,” Tinubu said, citing economic growth, lower inflation from its peak, rebuilt foreign reserves, a more stable foreign exchange market and increased non-oil exports.
These figures and assessments were presented by the President as evidence of the progress of his administration’s reforms.
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Tinubu said the government’s focus would now shift towards what he described as “shared and widespread prosperity.”
He identified reducing the cost of living, increasing agricultural production, improving infrastructure, expanding industrial activity and creating jobs as key areas of the next phase of his administration.
The President said the government would expand mechanised farming, irrigation, storage and transportation while continuing investments in roads, railways and ports to improve connections between farms, factories and markets.
He also highlighted gas-powered industrial development, digital connectivity, skills training and support for Nigerian businesses.
Tinubu said Nigeria’s large youth population should become an economic asset through greater access to jobs, entrepreneurship and productive opportunities.
He also acknowledged that many Nigerians continue to face difficulties meeting basic needs, including food, school fees, healthcare costs and transportation expenses.
The President attributed these challenges to problems that had accumulated over several decades and said his administration was strengthening social interventions for vulnerable households.
He cited the National Social Register, the Nigerian Education Loan Fund and CREDICORP among programmes intended to provide support to Nigerians while the wider economy develops.
Tinubu also said his government would continue working with state and local governments on primary healthcare, basic education and other public services.
He maintained that the government’s objective was not simply to manage poverty but to create conditions capable of reducing it over time through sustained economic growth and employment.
Towards the end of his address, Tinubu used a biblical reference to describe the country’s position after the difficult reform period.
“Nigeria has corrected its course. We have passed through our own Red Sea,” he said, urging Nigerians to move forward rather than look back.
The President described the next phase as an “age of prosperity” and said his administration’s goal was a Nigeria where economic opportunities are more widely shared.
He ended his Independence Day message by urging Nigerians to continue working together and expressing confidence in the country’s future.