Tinubu declares ‘age of prosperity’ as Nigeria moves beyond reforms

President Bola Tinubu has declared Nigeria has entered an "age of prosperity", marking the country's shift beyond the challenging phase of economic reforms. Speaking in his Independence Day address on October 1, 2026, Tinubu highlighted the administration's focus on lowering the cost of living, job creation, and expanding economic opportunities.

The President described the situation prior to his reforms as akin to a patient with cancer requiring painful treatment to address underlying issues. Tinubu's administration chose to confront structural weaknesses in the economy despite the hardship associated with the reforms. Economic growth has been reported, with the oil and non-oil sectors contributing to stable growth.

Oil theft has declined, inflation has fallen, foreign reserves have been rebuilt, and the foreign exchange market has stabilized. Non-oil export revenue surpassed $6 billion for the first time in Nigeria's history. The government's immediate priority is to reduce the cost of living by lowering the cost of producing and transporting goods.

Investments in roads, railways, ports, and mechanized farming aim to connect farms and factories to markets, ultimately leading to lower prices for consumers. Job creation, enterprise development, and industrial growth will be key focus areas in the next phase of the government's economic agenda. Tinubu envisions young Nigerians building technology companies valued at over $1 billion and creating domestic employment opportunities.

Despite the improved conditions, the President acknowledged ongoing struggles for basic expenses among millions of Nigerians, attributing the hardship to decades of low productivity, inadequate infrastructure, insufficient opportunities, and weak institutions. The government plans to strengthen direct support for the poorest households and enhance the National Social Register to ensure assistance reaches those who need it.