President Bola Ahmed Tinubu has declared that Nigeria is moving from what he described as a difficult period of economic reforms into an “age of prosperity,” with his administration now placing greater emphasis on job creation, production, investment and improved living standards.

Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, as the country marked its 66th anniversary of independence.

The President said the central objective of his administration over the past three years had been to address longstanding economic distortions and put the country on what he described as a more sustainable path. He argued that the next phase should focus on ensuring that economic growth translates into tangible benefits for households and businesses.

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

The President acknowledged that the reforms introduced since he assumed office in 2023 had created significant economic pressures for Nigerians, but maintained that the measures were necessary to address problems that had accumulated over many years.

Among the major reforms of his administration have been the removal of the petrol subsidy, changes to the foreign-exchange system and fiscal reforms. Tinubu has consistently argued that these measures were intended to correct structural weaknesses and create conditions for sustainable economic growth.

In his latest address, the President said indicators including economic growth, improved foreign-exchange conditions, increased oil production and stronger non-oil export activity showed signs of recovery.

The Presidency has previously cited improving macroeconomic indicators as evidence of stabilisation. In August, Tinubu said Nigeria recorded real GDP growth of 3.89 per cent in the first quarter of 2026 and that inflation had eased to 15.91 per cent, while the International Monetary Fund projected 4.1 per cent growth for the Nigerian economy in 2026.

The Secretary to the Government of the Federation, George Akume, also cited World Bank figures on Wednesday, indicating that Nigeria’s real GDP grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent during the corresponding period of 2025.

Tinubu said the government's economic priority was now shifting towards reducing the cost of living by lowering the cost of producing and transporting goods.

He pointed to agriculture, mechanisation, irrigation, improved access to seeds and fertiliser, storage facilities and transportation infrastructure as areas where government investment could help increase productivity and reduce losses between farms and markets.

The President also linked lower production costs to cheaper goods, arguing that improvements in electricity supply, transportation, logistics and market competition could eventually reduce costs for consumers.

Job creation featured prominently in the address, with Tinubu describing Nigeria's youthful population as a major economic resource that should be converted into productive employment and enterprise.

He said the government would continue efforts to expand gas-based industries, support manufacturing, increase digital connectivity, improve access to finance and develop skills required by employers.

The President also highlighted efforts to expand access to education and social support for vulnerable Nigerians. He pointed to the Nigerian Education Loan Fund and consumer-credit initiatives as mechanisms intended to help Nigerians who may otherwise struggle to finance education or acquire essential productive assets.

According to the State House, NELFUND had provided more than 1.5 million students with access to higher education and disbursed more than ₦282 billion by May 2026.

Tinubu further said the government was strengthening social protection programmes and improving the National Social Register to make it easier for assistance to reach vulnerable households.

He acknowledged that millions of Nigerians continue to face difficulties with food costs, education expenses, healthcare bills and transportation, stressing that the economic transformation he envisages would take sustained growth rather than short-term measures.

The President argued that government could not eliminate in a few years problems that had accumulated over several decades, but said the administration could alter the direction of the economy and create conditions for gradual improvement.

Infrastructure and energy also featured prominently in his vision for the next phase. Tinubu said the government would continue investing in roads, railways, ports and other infrastructure connecting farms, factories and markets.

He also pointed to the expansion of domestic refining and gas utilisation as part of efforts to strengthen Nigeria's energy security and reduce dependence on imported petroleum products. The State House has previously reported increased domestic refining capacity and continuing investment in gas and power infrastructure.

The President's declaration comes against a backdrop of continued debate over the effects of his economic reforms. While the administration and its supporters point to improving macroeconomic indicators, many Nigerians continue to experience pressure from the cost of living and other economic challenges.

In his address, Tinubu maintained that the reforms should not be abandoned and urged Nigerians to look beyond the immediate difficulties towards the longer-term objectives of increased production, investment and economic opportunity.

He also called for continued national unity and expressed confidence in Nigerians' capacity to build a more prosperous country.

The President's message effectively framed the next phase of his administration around converting economic stabilisation into broader prosperity, with jobs, productive enterprise, infrastructure, agriculture, energy and social protection identified as major areas of focus.

As Nigeria begins its 67th year as an independent nation, the administration faces the task of turning the economic improvements it cites into measurable changes in household incomes, employment, food affordability and living standards.

Reporting by TalkNaijaMedia