President Bola Ahmed Tinubu has declared that Nigeria has passed through its own “Red Sea” and entered a new phase of economic development, which he described as an “age of prosperity.”
Tinubu made the remarks on Thursday in his 2026 Independence Day address to Nigerians as the country marked its 66th anniversary of independence.
The President said his administration inherited an economy characterised by rising poverty, deep economic distortions and declining hope, arguing that difficult reforms were necessary to correct the country’s economic direction.
“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.
He compared Nigeria’s economic situation to that of a sick patient diagnosed with cancer, saying previous administrations had often relied on measures that merely treated the symptoms rather than confronting the underlying problems.
According to him, his administration chose to undertake difficult reforms despite their immediate consequences, rather than continue policies that he said had allowed economic distortions to deepen.
Tinubu said the country had now reached a turning point after three years of reforms, with the government’s central economic task shifting from correcting the nation’s course to delivering “shared and widespread prosperity.”
He said Nigeria’s economy had grown by over four per cent this year, with both the oil and non-oil sectors contributing to renewed growth.
The President also said oil theft had declined, inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised.
He added that Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion, describing the figure as evidence of increased economic activity by Nigerian businesses.
Tinubu said the next phase of his administration would focus on bringing down the cost of living by reducing the cost of producing and transporting goods.
“Our priority is to bring down the cost of living,” he said.
He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.
He also highlighted ongoing investments in roads, railways and ports to connect farms and factories to markets.
The President said prosperity would also depend on productive employment, particularly for Nigeria’s growing youth population.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he said.
Tinubu said his administration would use gas to power new industries, support businesses seeking to revive factories, expand digital connectivity, invest in skills demanded by employers and provide Nigerian businesses with the infrastructure and financing needed to grow.
He said he wanted to see more Nigerians producing goods locally, Nigerian farms feeding cities and supplying factories, and Nigerian businesses exporting to markets around the world.
However, the President acknowledged that millions of Nigerians continue to struggle with food, school fees, medical bills and transportation costs.
He said their difficulties did not begin with the reforms of the last three years but were the accumulated consequences of decades of low productivity, inadequate infrastructure, insufficient opportunities and institutions that often failed vulnerable citizens.
“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu said.
He said the government was strengthening direct support for poorer households and improving the National Social Register to ensure assistance reaches those who genuinely need it.
Tinubu also highlighted the Nigerian Education Loan Fund, which he said was helping students from low-income families pursue higher education, as well as CREDICORP, which provides access to consumer credit for assets including vehicles, solar systems and digital devices.
He said the government would continue working with states and local governments to strengthen primary healthcare, basic education and other essential public services.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.
The President stressed that the government’s objective was not simply to manage poverty but to eliminate its underlying causes through sustained economic growth and the creation of millions of productive opportunities.
“Our objective is not to manage poverty more efficiently. We will defeat it,” he declared.
Reflecting on Nigeria’s 66-year journey since independence, Tinubu acknowledged that the country had endured war, military rule, economic crises, insecurity and political upheaval.
Yet, he said, Nigeria had survived because of the resilience of its people, including farmers, traders, teachers, entrepreneurs and members of the Armed Forces and security services.
He said the promise of independence extended beyond the raising of a national flag or the attainment of sovereignty, stressing that it was ultimately about giving Nigerians the freedom and opportunity to shape their own destiny.
Tinubu said the difficult phase of economic reform had laid the foundation for the next stage of national development.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
He urged Nigerians not to look back, saying the country had “passed through our own Red Sea” and should now move forward with renewed confidence.
“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,” Tinubu said.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
The President concluded by wishing Nigerians a happy Independence Day and praying for the continued progress and prosperity of the Federal Republic of Nigeria.