President Bola Ahmed Tinubu has declared that Nigeria is moving beyond what he described as three years of painful economic adjustment into a new phase centred on lower living costs, job creation, industrial growth and “shared and widespread prosperity.”
Tinubu made the declaration on Thursday in his nationwide address marking Nigeria’s 66th Independence Anniversary, saying his administration believes the difficult phase of correcting long-standing economic distortions has largely done its work and that the challenge now is to ensure that the gains translate into better lives for ordinary Nigerians.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” the President said.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
Tinubu’s address, titled “From Reform to Prosperity,” looked back at the economic decisions taken since his administration came into office in 2023 and sought to make the case that the hardship associated with those policies was part of an attempt to confront problems that had been allowed to deepen over many years.
Using the analogy of a patient diagnosed with cancer, the President said previous governments had too often treated the symptoms of Nigeria’s economic problems without confronting their underlying causes.
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.
According to Tinubu, his administration instead chose what he called the more difficult treatment, even though the “side effects were real.”
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said, while rejecting calls for a return to subsidy arrangements that his administration dismantled.
The President argued that Nigeria’s economic outlook had improved three and a half years into his administration. He cited economic growth of more than four per cent this year, contributions from both the oil and non-oil sectors, a reduction in oil theft, lower inflation from its peak, stronger foreign reserves and greater stability in the foreign-exchange market.
He also said Nigeria earned more than $6 billion from non-oil exports in 2025, which he described as the highest figure in the country’s history.
“These are not idle claims,” Tinubu said, adding that international institutions, journalists, non-governmental organisations and investors had taken note of what he described as improved economic stability and resilience. These figures and assessments were presented by the President as evidence for his administration’s economic case.
But Tinubu acknowledged that better macroeconomic figures would mean little to many Nigerians unless they were eventually reflected in household budgets.
He said his idea of prosperity was not simply a larger gross domestic product or favourable economic statistics, but a country in which farmers can work safely and profitably, factories have reliable power, businesses can obtain credit, young people can find productive jobs and families can afford food, transportation and education.
“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal,” the President said.
Against the backdrop of persistent complaints about household expenses, Tinubu said reducing the cost of living would be a priority in the next phase of his economic programme.
His approach, he explained, would be to reduce the cost of producing goods and getting them to consumers.
The administration would therefore continue expanding mechanised irrigation and dry-season farming, improve farmers’ access to seeds and fertiliser, deepen agricultural mechanisation and invest in storage and transportation.
Tinubu also pointed to ongoing investment in roads, railways and ports intended to connect farms and factories more efficiently with markets.
The President’s argument is that lower production, power and transportation expenses should eventually feed through to lower market prices.
“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 prosperity agenda would place employment, enterprise and industrial production at its centre.
He promised greater use of Nigeria’s gas resources to power industries, support for efforts to revive factories in traditional industrial centres, expanded digital connectivity and investment in skills that employers require.
The administration, he said, would also seek to give Nigerian businesses better access to the infrastructure and financing needed to grow.
“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.
Despite the optimistic tone of the address, Tinubu acknowledged that millions of Nigerians are still struggling to meet basic needs.
He spoke directly about families worrying about their next meal, school fees, medical bills and transport fares, while arguing that the hardship did not begin with the reforms introduced by his government.
According to him, the country is dealing with the accumulated effects of decades of low productivity, inadequate infrastructure, limited opportunities and institutions that frequently failed vulnerable citizens.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
The President said the government would therefore continue combining its growth agenda with direct intervention for people who cannot wait for the broader economy to improve.
He cited efforts to strengthen support for poor households and improve the National Social Register so that assistance reaches intended beneficiaries.
Tinubu also pointed to the Nigerian Education Loan Fund, saying it was intended to prevent children from poorer homes from giving up on higher education simply because their parents could not afford tuition and related costs.
He equally highlighted CREDICORP, through which working Nigerians can access consumer credit for assets including vehicles, solar systems and digital devices.
Working with states and local governments, Tinubu said the Federal Government would continue strengthening primary healthcare, basic education and other public services relied upon by poorer Nigerians.
He described the social programmes not as an alternative to economic prosperity but as a bridge for vulnerable people while opportunities expand.
“Our objective is not to manage poverty more efficiently,” the President said.
“We will defeat it.”
Tinubu, however, cautioned that defeating poverty would not happen immediately. He said it would require discipline, sustained economic growth over several years and the creation of millions of productive opportunities across the country.
The President argued that Nigeria was now attempting that task from what he described as a stronger position because the direction of the economy had been corrected.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
“An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life.”
Returning to the larger theme of Independence Day, Tinubu paid tribute to ordinary Nigerians whose work and resilience, he said, had sustained the country through war, military rule, economic crises, insecurity and political upheaval.
He also commended members of the Armed Forces and security services who place themselves at risk in the course of protecting the country.
The President said independence was never meant to be limited to possessing a flag, anthem or international recognition, but carried the deeper promise that Nigerians would be free to build a country capable of providing opportunity and dignity to its citizens.
Sixty-six years after independence, Tinubu said fulfilling that promise remained the responsibility of the present generation.
Closing the address on an optimistic note, the President said Nigeria had “corrected its course” and should resist turning back.
“We have passed through our own Red Sea. This is not the time to look back,” he said.
He described the destination ahead as a Nigeria of “abundance and opportunity” in which prosperity is broadly shared and children are able to dream beyond the circumstances into which they were born.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” Tinubu said.
FROM REFORM TO PROSPERITY: INDEPENDENCE DAY ADDRESS TO THE NATION BY HIS EXCELLENCY, PRESIDENT BOLA AHMED TINUBU, GCFR, 1 OCTOBER 2026
My fellow Nigerians,
Sixty-six years ago today, our flag was raised, for the first time, over a free and sovereign nation. Since then, we have journeyed together as one nation, bound by our collective trust in the great promise of Nigeria: that a country of our size, our bountiful resources, our cultural diversity and, above all, our extraordinary people can build a giant in Africa; that in this blessed and fertile land, we can build a united, strong and prosperous nation; a land of regional authority and global consequence.
Our journey has not always been easy. In truth, it has generally been too hard for too many. We have known moments of great hope and periods of profound disappointment. We have endured war, military rule, economic crises, insecurity and political upheaval. Yet, through it all, Nigeria, with the indomitable spirit of its people, has endured.
It has endured through the efforts of the farmer who rises before dawn to work his land. The trader who opens her shop each morning, hopeful for a productive day. The teacher who believes in the children entrusted to her care and the young entrepreneur who refuses to surrender ambition to circumstance. We are grateful for the men and women of our Armed Forces and security services who place themselves in harm’s way so that the rest of us may live in peace.
Through every difficulty, generations of Nigerians have continued to believe in one thing: that this country of ours will be better.
This faith, which sustains us all, is the inheritance of independence. Our founding fathers did not struggle merely for a flag, an anthem or a place among the nations of the world. Independence carried a larger promise: that Nigerians would have the freedom to shape their own destiny and build a nation capable of providing opportunity, dignity and a better life for its people. Sixty-six years later, Almighty God has made it our responsibility to deliver that promise.
Today, as we celebrate our independence, we must speak honestly about the journey so far, the choices we made and the country we are determined to build from here.
For too long, the promise of Nigeria was undermined by choices that postponed difficult decisions and allowed deep economic distortions to grow.
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.
Nigeria was like a sick patient who receives the terrible news that he has cancer. His doctor explains that the treatment will be difficult and painful, but that it offers a strong prospect of recovery. The patient has a choice. He can begin treatment, endure its discomfort and fight the disease. Or he can ask only for morphine, dull the pain and leave the cancer to spread.
For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came.
They focused on symptoms while allowing the disease to take hold deep within the fabric of our society. We spent enormous sums sustaining inefficient arrangements that were never intended to last. We hid from difficult truths and passed the consequences from one generation to the next.
When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.
Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come.
Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth.
Oil theft is down. Inflation has fallen substantially from its peak. Our foreign reserves have been rebuilt, our foreign exchange market has stabilised, and in 2025 this country recorded its highest revenue from non-oil exports in its history, exceeding $6 billion. This is real money being made by real Nigerian businesses.
These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change. Each has concluded that our reforms have strengthened Nigeria’s economic stability and resilience. The private sector has long since delivered its verdict, and foreign direct investment continues to rise each year.
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. For three years, our overriding purpose was to correct our nation’s course.
Now, our purpose is simple: shared and widespread prosperity.
When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal.
I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost and earn a decent return for his labour. A Nigeria in which factories have reliable power, businesses can obtain credit and young people can find productive work. A Nigeria in which food and transportation are affordable, education is within reach and hard-working families can look towards the future with confidence.
This is the promise we must now fulfil.
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.
We have the land and people to feed ourselves. My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation. We are building and completing the roads, railways and ports that connect farms and factories to markets.
Our logic is simple. 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.
But prosperity requires more than cheaper goods. It requires productive work.
Nigeria is a young country. 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.
We are therefore placing jobs, enterprise and industrial growth at the heart of our government’s policies.
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. We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow.
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.
I am also conscious that millions of our fellow citizens cannot wait for tomorrow. Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill or simply enough money to get to work. Their circumstances did not begin with the reforms of the last three years. Their struggle is the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunity and institutions that too often failed those who needed them most.
We cannot erase in four years what accumulated over generations. But we can change its course. We can build an economy that steadily lifts people out of poverty while ensuring that those who remain vulnerable are not abandoned along the way.
That is why we are strengthening direct support for the poorest households and improving the National Social Register so that assistance reaches those who genuinely need it.
It is why the Nigerian Education Loan Fund is ensuring that the child of a low-income family need not surrender the dream of higher education simply because his parents cannot afford the fees.
It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings.
That is why, working with our states and local governments, we will continue to strengthen primary healthcare, basic education and the essential public services poorer Nigerians depend on most. Since 2023, we have paid salaries and pensions on time and in full. We have reformed the national pension programme to benefit retirees and the vulnerable.
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.
It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country.
But 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. We confronted the difficult choices we faced and have laid the foundations for lasting prosperity. Rather than fail the promise of a better future for our children, the time has come for us to build that future.
The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life.
We have travelled through difficult years together. We have made hard decisions together. And now, still together, we must build the country those decisions have made possible.
I believe deeply in what lies ahead.
I believe in the millions of ordinary men and women whose work, courage and determination have always been the true strength of our country. The road ahead will still demand much from us. But we travel it now with firm footing, a clear direction and renewed hope in our collective future.
Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country and faith that the sacrifices we have made will yield their reward.
The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.
Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.
Happy Independence Day, my fellow Nigerians. God bless you all, and God bless the Federal Republic of Nigeria.
Bola Ahmed Tinubu, GCFR
President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria
... “The Emergency Treatment Is Over; Now Begins The Age Of Prosperity” — Tinubu Says Reforms Have Corrected Nigeria’s Course, Pledges Lower Cost Of Living ... TheNigeriaLawyer.