Tinubu outlines plans to lower Nigeria’s living costs through production reforms

President Bola Tinubu has outlined a series of measures he said would reduce Nigeria’s cost of living by lowering the expense of producing and moving goods. In an Independence Day address, Tinubu said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase mechanisation and invest in storage and transport. He said roads, railways and ports were being built or completed to connect farms and factories with markets.

Lower production and transport costs, he argued, should eventually be reflected in prices paid by consumers. The president said prosperity would also require productive work and placed jobs, enterprise and industrial growth at the centre of government policy. He said gas would be used to support new industries and that the government would assist businesses seeking to restore factories.

Tinubu also promised wider digital connectivity, investment in skills demanded by employers and infrastructure and finance for Nigerian businesses. He said he wanted more Nigerian farms supplying cities and factories, and more local businesses selling goods abroad. The president acknowledged that millions of Nigerians were still struggling to pay for food, school fees, medical care and transport.

He said the hardship reflected decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses. Tinubu said those accumulated problems could not be erased within four years, but pledged to strengthen support for vulnerable households and improve the National Social Register so assistance reached people who needed it. He cited the Nigerian Education Loan Fund and CREDICORP as programmes supporting low-income students and helping working Nigerians obtain credit for vehicles, solar systems, digital devices and other essential assets.

The government would also work with state and local authorities to strengthen primary healthcare, basic education and essential services. Tinubu said salaries and pensions had been paid on time and in full since 2023 and that the national pension programme had been reformed. He said social programmes were a bridge towards prosperity, not a substitute for it, and that sustained growth and millions of productive opportunities would be required.