President Bola Ahmed Tinubu has unveiled a new economic agenda focused on shared prosperity, lower living costs, job creation and industrial growth as Nigeria marks its 66th Independence Anniversary.
In his Independence Day address on Thursday, October 1, Tinubu said his administration had spent the past three years addressing what it described as longstanding economic distortions and laying the foundation for a new phase of growth.
According to the President, the focus would now shift from economic correction to delivering tangible improvements in the lives of Nigerians.
Tinubu said reducing the cost of living would remain a major priority, with the government planning measures to lower the cost of producing and transporting goods.
He highlighted plans to expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and strengthen storage and transportation infrastructure.
The President also pointed to investments in roads, railways and ports, saying improved infrastructure would help connect farms and factories to markets while reducing transportation costs.
On employment and industrialisation, Tinubu said his administration would place jobs, enterprise and industrial growth at the centre of its policies, with Nigeria’s large youth population positioned as a driver of production.
He also said the government would utilise Nigeria’s gas resources to power industries and support businesses seeking to revive factories across major industrial centres.
Tinubu announced plans to expand digital connectivity in underserved communities, develop skills required by employers and provide Nigerian businesses with infrastructure and financing support.
Social Support and Public Services
The President said measures to support Nigerians facing economic hardship would also be strengthened.
He said direct assistance to vulnerable households would be improved, while the National Social Register would be enhanced to ensure support reaches people who genuinely need it.
Tinubu also highlighted the Nigerian Education Loan Fund as a tool for helping students from low-income households access higher education.
He said CREDICORP would continue providing consumer credit for working Nigerians seeking to acquire essential assets such as vehicles, solar systems and digital devices.
The President further promised continued investment in primary healthcare, basic education, other essential public services and pension reforms.
Acknowledging the economic difficulties still facing millions of Nigerians, Tinubu said the challenges had accumulated over several decades.
He maintained that while the problems could not be eliminated within a single four-year administration, the government could change the country’s economic direction.
Tinubu said the administration’s objective was to build an economy capable of steadily lifting Nigerians out of poverty while ensuring vulnerable citizens are not left behind.
He concluded by urging Nigerians to look ahead, saying the country had corrected its economic course and was entering what he described as an “age of prosperity.”
