By Ado Oyeyemi
President Bola Tinubu, in his 66th Independence Day broadcast on Thursday, outlined his administration’s assessment of the economy and its plans for the next phase of governance.
The President acknowledged the economic pressure facing Nigerians but said recent developments indicated that the country was gradually moving towards greater economic stability and prosperity.
Here are five key points from his address:
- Economy grows by over 4 per cent
Tinubu said Nigeria’s economy recorded growth of more than four per cent in 2026, with the oil and non-oil sectors both contributing to the expansion.
He said the country had also witnessed a decline in oil theft, a reduction in inflation from its previous peak, an improvement in foreign reserves and increased stability in the foreign exchange market.
The President disclosed that non-oil exports generated more than $6bn in 2025, saying it represented a record performance for the country.
- Tinubu insists reforms were necessary
The President defended the economic reforms implemented since he assumed office, arguing that they were introduced to address longstanding weaknesses in the economy.
He said previous administrations had often avoided difficult decisions, leaving structural problems unresolved.
Tinubu maintained that his reforms were intended to confront those challenges and rejected calls for a return to what he described as subsidy-dependent policies.
- Focus shifts from reforms to prosperity
According to the President, the country has entered a new stage in which the emphasis will be on translating economic reforms into wider prosperity.
He said the true measure of progress should go beyond economic figures and include tangible improvements in the lives of citizens.
Tinubu listed safer farming, reliable electricity for industries, access to business credit and productive employment for young Nigerians among the outcomes his administration wants to achieve.
- More measures planned to ease living costs
The President said reducing the expenses involved in producing and transporting goods would be central to efforts to tackle the high cost of living.
He pointed to irrigation projects, dry-season farming, access to fertiliser and seeds, mechanisation, storage facilities and improved transportation as areas receiving government attention.
He added that road, railway and port projects would help strengthen the connection between producers and consumers.
- Youth employment, industrialisation prioritised
Tinubu said Nigeria’s young population could play a major role in expanding production and strengthening the economy.
He said his administration would continue to prioritise employment, entrepreneurship and industrial growth.
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The President also listed gas-powered industrial development, support for businesses seeking to revive factories, expansion of digital infrastructure, skills development and improved access to financing as part of the government’s strategy to increase local production and exports.
