President Bola Tinubu has announced that Nigeria has successfully transitioned past its difficult economic restructuring phase, stepping into what he termed an “age of prosperity” as his administration shifts its strategic focus toward widespread and shared economic development.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, saying the difficult reforms implemented over the past three years had corrected the country’s economic direction and laid the foundation for sustained prosperity.
“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” the President said.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
According to Tinubu, the next phase of his administration will focus on lowering the cost of living, expanding productive employment, supporting businesses and increasing industrial output.
He said prosperity must go beyond economic statistics to become a tangible improvement in the lives of Nigerians.
“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour,” he said.
“A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work.”
Tinubu said his administration would pursue lower production and transportation costs through greater investment in agriculture, mechanised irrigation, dry-season farming, storage, transportation and infrastructure.
He also promised increased use of gas to power industries, support for factories and expansion of digital connectivity, skills development and access to finance 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.
The President said the government would also strengthen social support for vulnerable Nigerians, improve the National Social Register and expand access to education, healthcare and consumer credit.
He said the objective was not merely to manage poverty but to eliminate it.
“Our objective is not to manage poverty more efficiently. We will defeat it,” Tinubu declared.
He acknowledged that the transformation would take time and require sustained economic growth and the creation of millions of productive opportunities.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
Tinubu urged Nigerians to look ahead rather than return to what he described as the economic arrangements of the past.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
What You Should Know
President Bola Tinubu’s declaration marks a shift in national policy from stabilizing the macroeconomy through tough measures like subsidy removals and exchange rate unification to actively driving growth that touches local industries and households.
- Positive Impact: Citizens could see targeted interventions in agriculture, lower production costs, enhanced credit access for local businesses, and job creation aimed at improving everyday purchasing power and industrial capacity.
- Potential Concerns: While the administration promises broad relief, everyday consumers and small businesses may still grapple with lingering inflationary pressures and high living costs while these long-term growth policies take full effect.
