Tinubu says Nigeria is moving from economic reform to shared prosperity

President Bola Tinubu said his administration was shifting its emphasis from emergency economic reforms to delivering shared prosperity, while defending the difficult measures introduced since he took office. In his 66th Independence Day address, the President said the initial phase of addressing Nigeria’s structural economic problems had been completed. He argued that the reforms were intended to establish the conditions for sustainable growth rather than provide short-term relief.

Tinubu said the economy grew by more than 4 per cent in 2026, with contributions from both the oil and non-oil sectors. He also said foreign reserves had been rebuilt, inflation had fallen from its peak and the foreign-exchange market had stabilised. The President highlighted non-oil exports as another indicator of progress, saying revenue from the sector exceeded $6bn in 2025, a record level.

He presented these figures as evidence that the economy was becoming more resilient. Reducing living costs, he said, would remain a major priority. The government plans to expand mechanised irrigation, dry-season farming and access to agricultural inputs, while investing in roads, railways, ports and power infrastructure to reduce production and transport costs.

Tinubu also linked youth employment to industrial and digital development. He cited gas-powered industries, factory revival, improved connectivity and skills development as areas intended to expand opportunities for young Nigerians. Other measures mentioned included updating the National Social Register, maintaining timely salary and pension payments, expanding consumer credit through CREDICORP and supporting access to higher education through NELFUND.

He also cited reduced oil theft and ongoing security operations, and urged Nigerians to remain united and disciplined as the reforms continued.