Tinubu says Nigeria is shifting from economic repair to shared prosperity

President Bola Tinubu has declared that Nigeria is moving from a period of economic repair to one focused on shared and widespread prosperity, while acknowledging that millions of citizens continue to face serious hardship. In his Independence Day address, Mr Tinubu defended the difficult reforms introduced since he took office. He said previous governments had postponed hard decisions and allowed deep economic distortions to grow, leaving the country in a critical position by 2023.

The President compared the reforms to painful cancer treatment, arguing that Nigeria had to confront its underlying problems rather than temporarily ease their symptoms. He said the changes had produced real hardship but insisted that the reforms had not created the economy’s weaknesses. Mr Tinubu said the economy had grown by more than 4 per cent in 2026, with oil and non-oil sectors contributing.

He also cited lower oil theft, substantially reduced inflation from its peak, rebuilt foreign reserves, a more stable foreign exchange market and record non-oil export revenue exceeding $6bn in 2025. He said the immediate priority had now changed to reducing the cost of living. The government would seek to lower the cost of producing and transporting goods by expanding mechanised irrigation and dry-season farming, improving access to agricultural inputs, and investing in roads, railways, ports, storage and transport.

The administration would also focus on productive employment and industrial growth. Mr Tinubu said Nigeria’s gas resources would support new industries, while businesses would receive help to revive factories. Digital connectivity and skills development were also identified as priorities.

The President acknowledged that Nigerians still struggled with food, school fees, medical bills and transport costs. He said the government would strengthen support for the poorest households, improve the National Social Register, expand primary healthcare and basic education, and use student loans to help poorer families access higher education. He urged Nigerians not to return to what he called the abuse of subsidies, saying the government would continue its reform path while seeking to ensure that economic improvements reached households.