Nigeria @66: Tinubu declares end of reform era, promises shared prosperity

Stanley Ihedigbo

President Bola Ahmed Tinubu has declared that Nigeria has passed through its own “Red Sea” following three years of economic reforms, saying the country is now entering what he described as an “age of prosperity.”

Tinubu made the declaration on Thursday, October 1, 2026, in his Independence Day address to Nigerians, delivered under the theme, “From Reforms to Prosperity.” He said the next phase of his administration would focus on shared and widespread prosperity, with emphasis on reducing the cost of living, creating jobs, supporting businesses and expanding industrial production.

The President, who marked Nigeria’s 66th Independence Anniversary, acknowledged the difficulties Nigerians had experienced over the years, including economic crises, insecurity and political upheavals, but said the country had continued to endure because of the resilience and determination of its people.

According to him, Nigeria’s independence represented more than freedom from colonial rule, but also a promise that Nigerians would have the opportunity, dignity and freedom to shape their own destiny.

He said the economic situation confronting the country by 2023 required difficult decisions, arguing that his administration chose to confront what it considered longstanding structural weaknesses rather than continue with policies that postponed difficult choices.

Tinubu likened the situation to a patient diagnosed with cancer who must undergo difficult treatment rather than rely on medication that merely suppresses the symptoms.

“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came,” he said, defending the economic reforms introduced by his administration.

He acknowledged that the reforms had brought significant hardship, but argued that they were intended to address rather than create the country’s underlying economic problems.

The President said the country had now reached a turning point, declaring that the government’s overriding economic objective had shifted from correcting the nation’s course to delivering prosperity.

“Now, our purpose is simple: shared and widespread prosperity,” Tinubu said.

He said prosperity should not be measured only by economic statistics, but by improvements in the daily lives of Nigerians, including affordable food and transportation, reliable electricity for businesses, access to credit, productive employment and greater opportunities for young people.

Focus on the cost of living

Tinubu identified a reduction in the cost of living as a major priority of the next phase of his administration.

He said the government would seek to reduce the cost of producing and transporting goods by investing in agriculture, mechanised irrigation, dry-season farming, seeds, fertiliser, storage and transportation.

He also listed roads, railways and ports as critical infrastructure needed to connect farms and factories to markets.

According to him, reducing production and transportation costs would ultimately help bring down the prices of goods and services.

“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.

Jobs, industries, digital economy

The President also placed job creation and industrial growth at the centre of the next phase of his administration.

He said Nigeria’s youthful population represented a major economic opportunity and promised greater investment in skills development, digital connectivity, infrastructure and access to finance.

Tinubu said the government would use Nigeria’s gas resources to support new industries and help revive factories in the country’s industrial centres.

He also expressed his desire to see more Nigerian businesses producing locally and exporting Nigerian-made goods to international markets.

“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.

He added that he wanted to see young Nigerians building technology companies and creating employment opportunities within the country.

Social protection

While defending the reforms, Tinubu acknowledged that millions of Nigerians were still struggling with food, education, healthcare and transportation costs.

He said the government would therefore continue strengthening social protection programmes while pursuing long-term economic growth.

The President cited efforts to strengthen direct support for poorer households and improve the National Social Register.

He also highlighted the Nigerian Education Loan Fund as a mechanism for helping students from low-income families access higher education, while identifying CREDICORP as providing consumer credit for Nigerians seeking to acquire assets such as vehicles, solar systems and digital devices.

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

Tinubu also stated that salaries and pensions had been paid on time and in full since 2023, while noting reforms to the national pension system.

He stressed, however, that social programmes should serve as a bridge towards prosperity rather than a permanent substitute for economic opportunity.

“Our objective is not to manage poverty more efficiently. We will defeat it,” he declared.
‘We cannot fix generational problems in four years’

Tinubu acknowledged that the economic and social challenges confronting Nigeria had accumulated over several decades.

He said his administration could not erase in four years problems that had developed over generations, but maintained that it could change the country’s trajectory.

The President said achieving broad prosperity would require sustained economic growth, discipline and the creation of millions of productive opportunities.

He argued that the country was entering the next phase from what he described as a stronger economic position, following the reforms undertaken since 2023.

‘Age of prosperity’

Tinubu declared that the reform phase had laid the foundation for what he called an “age of prosperity.”

“The age of reform has done its work. Now begins the age of prosperity,” he said.

He said the objective was to ensure that the promise of Nigeria became a lived reality for citizens across the country.

In a reference to the biblical account of the Israelites crossing the Red Sea, the President said Nigeria had also passed through its own difficult period.

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

He urged Nigerians to move forward with renewed faith in themselves and the country, saying the sacrifices made during the reform period should ultimately produce better opportunities and living conditions.

Tinubu described Nigeria ahead as a “Promised Land” of abundance and opportunity, where prosperity would be broadly shared, and children would be able to pursue their dreams regardless of 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,” the President said.