Tinubu makes lower living costs central to Nigeria’s next economic phase

President Bola Tinubu has said reducing the cost of living is now the central priority of his administration, with the government seeking to lower the cost of producing and transporting goods consumed by Nigerians. In a televised Independence Day address, Mr Tinubu said the next phase of his government would focus on “shared and widespread prosperity” after three years of economic reforms. He said the approach would include mechanised irrigation, dry-season farming, better access to seeds and fertiliser, increased mechanisation, and investment in storage and transportation.

The President defended the reforms, saying they were introduced because previous governments had postponed difficult decisions and allowed economic distortions to deepen. He acknowledged that the measures had caused hardship but said they had confronted, rather than created, the country’s underlying weaknesses. Mr Tinubu said the economy had grown by more than 4 per cent in 2026, with oil and non-oil sectors contributing to stable growth.

He also cited lower oil theft, reduced inflation from its peak, rebuilt foreign reserves, a more stable foreign exchange market and more than $6bn in non-oil export revenue in 2025. He said improving living standards would depend on reducing costs across agriculture, manufacturing and transport. Roads, railways and ports, he said, were being built or completed to connect farms and factories with markets.

Lower production costs, fewer losses and faster transport would ultimately reduce prices, he argued. The President also placed jobs and industrial development at the centre of policy. He said gas resources would support new industries, while the government would assist businesses seeking to revive factories, expand digital connectivity and develop skills sought by employers.

Mr Tinubu acknowledged that many Nigerians still struggled with food, school fees, medical bills and transport costs. He said the government would strengthen support for the poorest households and improve the National Social Register, while the Nigerian Education Loan Fund would help low-income families keep children in higher education.