October 1: Nigeria has passed through its own Red Sea, prosperity is next – Tinubu [FULL SPEECH]

President Bola Tinubu announced that Nigeria has successfully navigated its own "Red Sea" experience, stating that prosperity is on the horizon. On Thursday, Tinubu delivered this message during a nationwide broadcast marking Nigeria's 66th Independence Anniversary. He expressed that since gaining independence, the nation has been moving forward as one, unified by shared trust in Nigeria's great potential and the capabilities of its diverse people.

Although the journey has been challenging, filled with moments of both hope and disappointment, Tinubu emphasized that the spirit of Nigerians has endured. He credited the tireless efforts of farmers, traders, teachers, and young entrepreneurs for maintaining hope and progress. The President highlighted that the country has weathered conflicts, military rule, economic crises, insecurity, and political upheaval, but always with the unwavering belief that Nigeria would become better.

Tinubu urged Nigerians to be honest about the progress made so far and the choices they have made. He noted that by 2023, poverty was on the rise and hope seemed scarce, prompting a strong need for action. Comparing Nigeria to a patient diagnosed with cancer, he described the previous administrations' approach as one of avoiding treatment (using "morphine") instead of confronting the underlying issues. He emphasized the importance of enacting reforms to address these issues head-on.

Since taking office, Tinubu's administration has implemented difficult but necessary reforms. Although there were challenges and some short-term difficulties, they were deemed essential to tackle the root causes of economic weaknesses. The reforms resulted in significant improvements, including a 4% economic growth rate, reduced oil theft, a stabilised economy, and increased non-oil exports, reaching over $6 billion.

These changes have been recognized by international observers and have attracted increased foreign direct investment.

Looking ahead, Tinubu outlined the next phase of Nigeria's economic journey: ensuring shared and widespread prosperity. He clarified that prosperity means much more than just a larger economy or improved statistics; it involves tangible improvements in the lives of ordinary Nigerians. This includes creating an environment where farmers can farm safely, businesses can operate efficiently, and young people can find good employment opportunities.

Tinubu committed to reducing the cost of living by lowering the costs of production and transportation, ultimately enabling Nigerians to lead more secure and confident lives.