President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the era of painful economic reforms and entered a new phase focused on shared and widespread prosperity.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, marking the country’s 66th anniversary of independence.
“The age of reform has done its work. Now begins the age of prosperity,” the President declared, signalling what he described as a fundamental shift in the administration’s economic priorities after three and a half years of difficult reforms.
According to him, the reforms undertaken since his administration assumed office in 2023 were necessary to correct deep-seated distortions in the Nigerian economy and lay the foundation for sustainable growth.
Tinubu said Nigeria had reached a “turning point”, arguing that the country’s economic fundamentals had been strengthened sufficiently for government to concentrate on translating economic stability into tangible improvements in the lives of citizens.
“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 said prosperity, as envisaged by his administration, would go beyond economic statistics to encompass lower living costs, productive employment, increased household incomes and greater opportunities for Nigerians.
He painted a picture of a Nigeria where farmers could cultivate their land safely and profitably, factories could access reliable electricity, businesses could obtain credit and young Nigerians could secure productive employment.
Tinubu said the immediate priority would be to reduce the cost of living by lowering the cost of producing and transporting goods.
He listed increased mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, greater agricultural mechanisation, storage facilities and improved transportation among measures being pursued by his administration.
The President also highlighted investments in roads, railways and ports, saying better infrastructure would connect farms and factories to markets and reduce the costs associated with moving goods.
“Our logic is simple,” he said. “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.”
Jobs and industrialisation take centre stage
Tinubu said the new phase would also place productive employment, enterprise and industrial growth at the centre of government policy.
He described Nigeria’s youthful population as a potential engine of production, provided young Nigerians are equipped with the skills, infrastructure and opportunities required to participate meaningfully in the economy.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he said.
The President said the government would use Nigeria’s gas resources to power new industries, support the revival of factories in major industrial centres, expand digital connectivity and invest in skills demanded by employers.
He also promised infrastructure and financing support for Nigerian businesses seeking to expand.
“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,” Tinubu said.
“I want young Nigerians building unicorns and creating opportunities for others here at home.”
Government claims economic turnaround
The President said the reforms had already produced measurable improvements in the economy, citing growth of more than four per cent in 2026 and contributions from both the oil and non-oil sectors.
He said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
Tinubu also highlighted Nigeria’s non-oil export performance, saying the country 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,” he said, adding that foreign direct investment was also rising.
The President, however, acknowledged that the reforms had imposed significant hardships on Nigerians.
He likened the Nigerian economy before the reforms to a patient suffering from cancer, arguing that previous administrations had relied on temporary measures to suppress the symptoms rather than address the underlying problems.
He said his administration had chosen the more difficult path of confronting the structural problems, despite the immediate discomfort caused by the treatment.
“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.
Prosperity to be accompanied by social protection
While declaring an end to the reform-focused phase of his administration, Tinubu acknowledged that millions of Nigerians remained vulnerable and could not wait for the benefits of economic growth to materialise.
He said the government would therefore continue social interventions while pursuing broader economic prosperity.
Among the measures he cited were strengthened direct support for poor households, improvements to the National Social Register and continued funding for the Nigerian Education Loan Fund.
He also pointed to CREDICORP’s consumer credit programme, which he said was helping Nigerians acquire vehicles, solar systems, digital devices and other essential assets without having to save for years before making such purchases.
The President said the government would also continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
He said salaries and pensions had been paid on time and in full since 2023, while the national pension programme had also been reformed to benefit retirees and vulnerable citizens.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
‘No looking back’
Tinubu acknowledged that transforming the Nigerian economy and reducing poverty would take time and require sustained economic growth and the creation of millions of productive opportunities.
He nevertheless expressed confidence that the country was now beginning the next phase from a position of greater economic strength.
“We confronted the difficult choices we faced and have laid the foundations for lasting prosperity,” he said.
Using a biblical analogy, the President said Nigeria had “passed through our own Red Sea” and urged Nigerians not to look back.
He described the “Promised Land” ahead as a Nigeria of abundance and opportunity where prosperity would be broadly shared and every child could dream beyond the circumstances of his or her birth.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” Tinubu declared.
As Nigeria marked 66 years of independence, the President said the country’s founding promise was not merely political sovereignty but the freedom and opportunity to build a nation capable of providing dignity and a better life for its citizens.
“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,” he said.
“Sixty-six years later, Almighty God has made it our responsibility to deliver that promise.”
