Tinubu puts jobs and industrial expansion at centre of Nigeria’s next economic phase

President Bola Tinubu has said Nigeria’s next phase of economic policy will focus on creating jobs, expanding enterprise and reviving industrial production. In an Independence Day address on Thursday, Tinubu described the country as moving from economic reforms into an “age of prosperity”. He said Nigeria’s large young population should become a source of production and opportunity rather than economic hardship.

The president’s statement followed reforms introduced since 2023, including the removal of the petrol subsidy, exchange-rate changes and tighter monetary and fiscal measures. He said the government would now concentrate on helping businesses grow and increasing domestic production. Tinubu pledged to use Nigeria’s gas resources to power new industries and support companies working to restart factories in industrial centres.

He also promised wider digital connectivity, investment in skills sought by employers, and infrastructure and finance for Nigerian businesses. He said his administration wanted to see more goods made locally, more farms supplying cities and factories, and more Nigerian companies competing internationally. Tinubu also highlighted support for young entrepreneurs and technology companies.

Access to credit is another part of the plan. The president said the Credit Corporation, known as CREDICORP, was providing consumer credit for vehicles, solar systems, digital devices and other essential assets. He presented such financing as a way to broaden economic participation without requiring people to save for years before making purchases.

Tinubu acknowledged that many families still struggle to pay for food, education, medical care and transport. He attributed the difficulties to long-term problems including low productivity, inadequate infrastructure, limited opportunity and weak institutions. The president said addressing those problems would take time, discipline and sustained growth.

His stated objective was to move beyond social assistance towards an economy capable of creating millions of productive opportunities. “The age of reform has done its work,” he said. “Now begins the age of prosperity.”