Nigeria Has Moved Beyond Painful Reforms, Entered Age of Prosperity — Tinubu

President Bola Tinubu has declared that Nigeria has emerged from the era of painful economic reforms and entered a new phase of “shared and widespread prosperity,” saying the difficult decisions taken by his administration have corrected the country’s economic direction and laid the foundation for lasting growth.

Tinubu made the declaration in his 66th Independence Day address to the nation, where he said Nigeria’s economy had grown by more than four per cent in 2026, while inflation had fallen substantially from its peak, foreign reserves had been rebuilt, the foreign exchange market stabilised and oil theft reduced.

The President also disclosed that Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion, describing the development as evidence that the government’s economic reforms were producing results.

However, Tinubu acknowledged that millions of Nigerians continue to struggle to afford food, school fees, healthcare and transportation.

He said the hardship facing many citizens was the accumulated consequence of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutional weaknesses, rather than a situation created by the reforms of the past three years.

According to him, the next phase of his administration will focus on reducing the cost of living, creating productive jobs, expanding agriculture and industrialisation, improving infrastructure and ultimately defeating poverty.

Reflecting on Nigeria’s 66 years of independence, Tinubu said the country had endured war, military rule, economic crises, insecurity and political upheaval, but had continued to survive through the resilience of its people.

He praised farmers, traders, teachers, entrepreneurs and members of the armed forces and security services for their contributions to the country.

“Through every difficulty, generations of Nigerians have continued to believe in one thing: that this country of ours will be better,” he said.

Tinubu said independence represented more than the attainment of political sovereignty, arguing that it carried the promise of giving Nigerians the freedom to shape their own destiny and build a nation capable of providing opportunity, dignity and a better life.

He said the country had for too long postponed difficult economic decisions, allowing structural distortions to deepen.

According to the President, Nigeria faced a worsening economic situation when his administration assumed office in 2023, with poverty rising and public confidence declining.

Using the analogy of a patient diagnosed with cancer, Tinubu defended the reforms, saying the country had been forced to choose between enduring painful treatment or continuing to suppress the symptoms of its economic problems.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said.

He argued that previous administrations had focused on symptoms while allowing deeper economic problems to persist, including inefficient arrangements that required significant public spending.

“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease,” Tinubu said.

He maintained that the reforms had not created Nigeria’s economic weaknesses but had confronted them.

Tinubu said the reforms had produced measurable improvements in the economy three and a half years into his administration.

“Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth,” he said.

He added that oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.

The President also pointed to Nigeria’s 2025 non-oil export performance, saying the country generated more than $6 billion in non-oil export revenue, the highest in its history.

“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change,” he said, adding that foreign direct investment continued to rise.

Tinubu declared that Nigeria had reached a turning point, arguing that the emergency phase of economic reform had ended and that the government’s focus must now shift toward prosperity.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” he said.

“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”

He said prosperity should not be measured only through economic statistics but should be reflected in the daily lives of Nigerians.

He described his vision as one where farmers can cultivate their land safely and earn decent returns, factories have reliable power, businesses can access credit and young people can find productive employment.

He also said food and transportation should become more affordable, while education should be within reach of ordinary families.

Tinubu said lowering the cost of living would be a major priority of the next phase of his administration.

He said the government would seek to achieve this by reducing the cost of producing and transporting goods.

According to him, the administration is expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, increasing agricultural mechanisation and investing in storage and transportation.

He added that roads, railways and ports were being built and completed to connect farms and factories with markets.

Tinubu said reducing production and transportation costs would ultimately help lower the prices of goods.

“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.

The President said economic prosperity would also depend on creating productive employment for Nigeria’s growing young population.

He said jobs, enterprise and industrial growth would remain central to government policy.

Tinubu said the government would use Nigeria’s gas resources to power new industries, support businesses seeking to revive factories in major industrial centres and expand digital connectivity to underserved communities.

He also promised increased investment in skills development, infrastructure and financing for Nigerian businesses.

“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world,” he said.

Despite his emphasis on economic recovery, Tinubu acknowledged that millions of Nigerians still face immediate challenges in meeting basic needs.

He said some families continue to struggle to afford food, school fees, medical bills and transportation.

According to him, their circumstances predated the reforms and reflected problems that had accumulated over several decades.

“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.

Tinubu said the government was strengthening direct support for the poorest households and improving the National Social Register to ensure assistance reaches people who need it.

He also highlighted the Nigerian Education Loan Fund, saying it was helping ensure that students from low-income families could pursue higher education despite financial constraints.

He cited CREDICORP as another government initiative providing consumer credit to working Nigerians for vehicles, solar systems, digital devices and other essential assets.

The President said the Federal Government would also continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.

He added that salaries and pensions had been paid on time and in full since 2023, while reforms had also been made to the national pension programme.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” Tinubu said.

“Our objective is not to manage poverty more efficiently. We will defeat it.”

Tinubu acknowledged that defeating poverty would take time, discipline, sustained economic growth and the creation of millions of productive opportunities.

He nevertheless maintained that Nigeria was now better positioned to pursue those objectives because, in his view, the country’s economic direction had been corrected.

“We confronted the difficult choices we faced and have laid the foundations for lasting prosperity,” he said.

He declared that the period of economic reform had achieved its purpose and that the country had now entered what he called “the age of prosperity.”

“The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life,” Tinubu said.

The President urged Nigerians to look ahead rather than return to the economic policies and conditions that preceded the reforms.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.

He called on Nigerians to move forward with confidence in themselves and the country, describing the destination as a Nigeria of “abundance and opportunity” where prosperity is broadly shared and every child can aspire beyond the circumstances of their birth.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.