President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the most difficult phase of his administration’s economic reforms, saying the country has “passed through our own Red Sea” and is now entering an era focused on shared prosperity.
Tinubu made the declaration on Thursday, October 1, 2026, in his Independence Day address to Nigerians, themed “From Reforms to Prosperity.” The President used the speech to reflect on Nigeria’s economic challenges, defend his administration’s reforms and outline his priorities for the next phase of his administration.
Here are the 10 major takeaways from the address:
1. Tinubu says Nigeria has moved from reform to prosperity
The President declared that the period of emergency economic reforms had achieved its primary objective, saying the government must now focus on ensuring that economic growth translates into better living conditions for Nigerians.
“The age of reform has done its work. Now begins the age of prosperity.”
He said the new objective is “simple: shared and widespread prosperity.”
2. He defended the painful economic reforms
Tinubu acknowledged that the reforms introduced by his administration had created hardship but argued that they were necessary to address long-standing structural problems in the economy.
Using a medical analogy, he said previous governments had treated Nigeria’s economic problems with “morphine” instead of confronting the underlying disease.
“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.”
He urged Nigerians to resist calls to abandon the reforms and return to what he described as unsustainable subsidy arrangements.
3. Tinubu says Nigeria’s economy is now growing
The President said Nigeria’s economic outlook had improved significantly, citing growth of more than four per cent, contributions from both the oil and non-oil sectors, lower oil theft and a decline in inflation from its peak.
He also said foreign reserves had been rebuilt, the foreign exchange market had stabilised and Nigeria recorded more than $6 billion in non-oil export revenue in 2025, which he described as the country’s highest ever.
“These are not idle claims. International observers, journalists, NGOs and multilateral institutions can see the change.”
4. Lowering the cost of living is now a major priority
Tinubu said his administration’s next phase would focus heavily on reducing the cost of producing and transporting goods, arguing that lower production and logistics costs would eventually translate into lower prices for consumers.
He said government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase mechanisation and invest in storage and transportation.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume.”
5. Government targets more jobs and industrial production
The President said job creation, enterprise and industrial growth would remain at the centre of government policy, particularly because of Nigeria’s rapidly growing youth population.
He said the government would use gas to power industries, support the revival of factories, expand digital connectivity and provide businesses with infrastructure, finance and skills.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories.”
Tinubu also said he wanted young Nigerians to build globally successful technology companies while creating opportunities within the country.
6. Tinubu promises stronger support for poor and vulnerable Nigerians
Acknowledging that millions of Nigerians are still struggling with food, school fees, healthcare costs and transportation, the President said government would strengthen social protection programmes.
He cited improvements to the National Social Register and continued support through programmes including the Nigerian Education Loan Fund (NELFUND) and the Consumer Credit Corporation (CREDICORP).
“We cannot erase in four years what accumulated over generations. But we can change its course.”
He said the government’s objective was not merely to manage poverty but ultimately to eliminate it.
“Our objective is not to manage poverty more efficiently. We will defeat it.”
7. NELFUND, CREDICORP and social programmes to serve as a bridge to prosperity
Tinubu said government interventions for vulnerable Nigerians should not be regarded as substitutes for economic prosperity, but as measures to help citizens cope while the broader economy improves.
He said NELFUND would ensure that children from low-income families could pursue higher education without being prevented by tuition costs.
He also highlighted CREDICORP, which provides consumer credit for Nigerians seeking to acquire assets such as vehicles, solar systems and digital devices.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it.”
8. Government will continue investing in infrastructure and agriculture
The President said roads, railways and ports would remain critical to connecting farms and factories to markets.
He argued that infrastructure would help reduce production and transportation costs, minimise post-harvest losses and make Nigerian businesses more competitive.
The government, he said, would also continue investing in agriculture, mechanisation, irrigation, storage and transportation as part of efforts to strengthen food production.
9. Tinubu says the government will build on the reforms rather than reverse them
The President rejected calls for a return to policies he believes contributed to Nigeria’s previous economic problems, saying the country must maintain the direction established by the reforms.
“We have reached a turning point.”
He said the “emergency treatment” was over and that the country’s economic foundation had been repaired.
“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity.”
10. Tinubu says Nigeria has “passed through our own Red Sea”
In one of the most striking passages of the address, Tinubu compared Nigeria’s economic journey to the biblical crossing of the Red Sea, saying the country should not return to its past.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back.”
He said the destination was a Nigeria characterised by abundance, opportunity and broadly shared prosperity.
“The Promised Land before us is a Nigeria of abundance and opportunity; a nation where prosperity is broadly shared, where every child can dream beyond the circumstances of his birth, and where our country’s immense promise is finally reflected in the lives of our people.”
The President concluded with a call for Nigerians to move forward together.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
