President Bola Ahmed Tinubu has declared that Nigeria’s “emergency treatment” is over, saying his administration’s next priority is to bring down the cost of living by reducing the cost of producing and transporting goods.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, as the country marked its 66th anniversary, saying the government had moved from correcting the economy’s fundamental weaknesses to pursuing “shared and widespread prosperity.”
According to the president, the reforms implemented by his administration over the past three years were necessary to correct economic distortions that had accumulated over generations.
“My fellow Nigerians, we have reached a turning point. The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” Tinubu said.
He said the government’s focus would now shift from correcting the country’s economic direction to improving living standards and making essential goods and services more affordable.
“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.
Tinubu said the government would pursue the objective through increased agricultural production, mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, and greater investment in mechanisation, storage and transportation.
He also pointed to ongoing investments in roads, railways and ports as part of efforts to improve the movement of goods from farms and factories to markets.
The president explained that reducing production and transportation costs would eventually affect the prices consumers pay.
“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.
Tinubu also said the government was prioritising jobs, enterprise and industrial growth, with plans to use gas to power new industries, support businesses, expand digital connectivity and invest in skills required by employers.
He acknowledged that millions of Nigerians continue to struggle with food, school fees, medical bills and transportation costs.
However, he argued that the hardship predates his administration and is the accumulated result of decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu said.
The president said his administration would continue strengthening support for vulnerable households, improving the National Social Register and expanding access to education through the Nigerian Education Loan Fund.
He also highlighted the role of CREDICORP in providing consumer credit for working Nigerians seeking to acquire vehicles, solar systems, digital devices and other essential assets.
Tinubu said the government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
He maintained that the programmes were intended to support Nigerians while the economy moves towards broader prosperity.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently. We will defeat it,” he said.
Tinubu said achieving that goal would require sustained economic growth, discipline and the creation of millions of productive opportunities.
He declared that the government had laid the foundation for what he described as an “age of prosperity” after the difficult period of economic reforms.
“The age of reform has done its work. Now begins the age of prosperity,” the president said.