President Bola Ahmed Tinubu says Nigeria has moved beyond the most difficult phase of his administration’s economic reforms and is now entering what he described as an “age of prosperity.”
President Bola Ahmed Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, as the country marked its 66th anniversary.
The President Bola Ahmed Tinubu acknowledged the economic hardship many Nigerians have faced in recent years but defended his administration’s decision to implement reforms he said were necessary to address longstanding weaknesses in the economy.
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Tinubu Highlights Signs Of Economic Recovery
According to the President Bola Ahmed Tinubu, recent economic indicators suggest that Nigeria’s economy is beginning to stabilise.
He cited economic growth, a decline in inflation from its previous peak, improved foreign reserves and greater stability in the foreign exchange market as signs of progress.
President Bola Ahmed Tinubu said the economy grew by more than four per cent this year, with contributions from both the oil and non-oil sectors.
“Our reforms did not create the weaknesses in our economy. They confronted them,” he said.
However, the President’s reference to falling inflation does not mean prices have returned to their previous levels. A slower rate of price increases means prices are rising less rapidly, not that the cost of goods and services has gone back to where it was before.
President Tinubu Promises More Action To Ease Cost Of Living
President Bola Ahmed Tinubu said the next phase of his administration would focus more strongly on reducing the cost of living and improving household welfare.
He said the government would expand mechanised farming, irrigation, access to agricultural inputs, storage and transportation.
The President also highlighted investments in roads, railways and ports, saying better infrastructure would help reduce the cost of moving goods from farms and factories to consumers.
President Bola Ahmed Tinubu said job creation and industrial development would continue to feature prominently in government policy.
He said Nigeria would leverage its gas resources to support industries while expanding digital connectivity and providing businesses with access to skills, infrastructure and financing.
“I want to see more Nigerians making things,” the President said, stressing the need to create opportunities for young Nigerians to build businesses and create jobs.
The President acknowledged that many households continue to struggle with food costs, school fees, healthcare expenses and transportation.
He said the government would continue strengthening social support programmes, including the National Social Register, the Nigerian Education Loan Fund and CREDICORP.
President Bola Ahmed Tinubu said these programmes were intended to support vulnerable households, students and working Nigerians while the government continues to work with state and local governments to improve primary healthcare, basic education and other essential services.
‘We Will Defeat Poverty’
President Bola Ahmed Tinubu said government interventions should serve as a bridge towards wider economic prosperity rather than become a permanent substitute for it.
“Our objective is not to manage poverty more efficiently. We will defeat it,” he said.
The President described the current period as a turning point for Nigeria, arguing that the country had corrected its economic direction and should now concentrate on creating opportunities and prosperity for more Nigerians.
President Bola Ahmed Tinubu ended his Independence Day message by urging Nigerians to remain focused on the future.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
The President also congratulated Nigerians on the 66th Independence anniversary and called for continued faith in the country and its future.
