By Oduduwa News
President Bola Ahmed Tinubu has declared that Nigeria has reached a major economic turning point, saying the country has moved beyond the difficult phase of economic reforms and is now entering what he described as an “age of prosperity.”
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, as the country marked its 66th anniversary. The address, titled “From Reform to Prosperity,” focused on the administration’s economic reforms and its plans to translate the gains of those reforms into improved living standards for Nigerians.
According to the President, the past three years were largely devoted to correcting what his administration regarded as deep-rooted economic distortions. He said the reforms had been difficult and had imposed significant hardships on citizens, but maintained that the government had now laid the foundation for a more stable and productive economy.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu said, stressing that the government’s central economic objective had shifted from correcting the country’s economic direction to achieving “shared and widespread prosperity.”
The President identified reducing the cost of living as a major priority of the next phase. He said the government would work to reduce the cost of producing and transporting goods through increased agricultural production, mechanised irrigation, improved access to seeds and fertiliser, better storage and transportation infrastructure, as well as investments in roads, railways and ports.
Tinubu also placed job creation, industrial expansion and opportunities for young Nigerians at the centre of the new phase, saying Nigeria’s large youthful population should become an engine of production and economic growth. He said improved electricity supply, infrastructure and a business environment that encourages fair competition would help bring down production costs and ultimately reduce prices.
The President also defended the economic reforms introduced since 2023, including the removal of petrol subsidy, arguing that the measures were aimed at addressing underlying structural problems rather than merely treating their symptoms. He warned against returning to what he described as unsustainable subsidy arrangements.
Tinubu acknowledged that the road ahead would still require discipline and sustained economic growth, but expressed confidence that Nigeria had “corrected its course.” He described the country as having “passed through our own Red Sea” and called on Nigerians to look forward rather than back.
He said the ultimate objective was to build a Nigeria where prosperity is broadly shared, children can aspire beyond the circumstances of their birth and the country’s vast economic potential is reflected in the everyday lives of its citizens.
“Our destination is in sight. Our foundations are strong. Our direction is clear,” the President said, as he urged Nigerians to move forward together.
