By Daniel Oluwatobiloba Popoola
President Bola Ahmed Tinubu has declared that Nigeria has passed through its own “Red Sea” and entered a new phase focused on shared and widespread prosperity, saying the country has corrected its economic course after years of difficult reforms.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, 1 October , 2026, as the country marked 66 years of independence, during which he reviewed Nigeria’s economic challenges, defended the reforms of his administration and outlined measures aimed at reducing the cost of living, creating jobs and expanding opportunities.
The President said Nigeria’s journey since independence had been marked by war, military rule, economic crises, insecurity and political upheaval, but maintained that the resilience of its people had kept the country moving forward.
He said the independence promise went beyond the flag and national anthem, as it was intended to give Nigerians the freedom to shape their destiny and build a united, strong and prosperous nation capable of providing opportunity, dignity and a better life.
Tinubu said successive governments had for too long postponed difficult decisions, allowing economic distortions to deepen, and argued that by 2023, poverty was rising while public confidence had weakened significantly.
Using the analogy of a cancer patient, he said his administration chose to confront the country’s economic problems rather than continue with policies that merely relieved the symptoms.
According to him, the reforms were difficult and came with real side effects, but were necessary to address structural weaknesses in the economy.
“Our reforms did not create the weaknesses in our economy. They confronted them,” the President said.
He maintained that three and a half years after the reforms began, Nigeria’s economic outlook had improved, citing growth of more than four per cent in 2026, contributions from both the oil and non-oil sectors, reduced oil theft, lower inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market.
Tinubu also said Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion, describing the figure as evidence of growing activity among Nigerian businesses.
He said international observers, journalists, non-governmental organisations and multilateral institutions had also recognised changes in Nigeria’s economic stability and resilience, while foreign direct investment continued to rise.
The President declared that the emergency phase of the reforms had ended, saying the government’s central economic task had now shifted from correcting the country’s economic direction to achieving shared prosperity.
“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal,” he said.
Tinubu said the administration’s immediate priority was to reduce the cost of living by lowering the cost of producing and transporting goods consumed by Nigerians.
He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase mechanisation, and invest in storage and transportation.
He also pointed to ongoing road, railway and port projects designed to connect farms and factories to markets, arguing that lower production and transportation costs would eventually translate into lower prices for consumers.
On employment, Tinubu said Nigeria’s youthful population presented a major opportunity if properly harnessed, stressing that millions of young Nigerians enter adulthood every year with talent, energy and ambition.
He said his administration was therefore placing jobs, enterprise and industrial growth at the centre of its policies.
According to him, the government will deploy Nigeria’s gas resources to power new industries, support businesses seeking to revive factories, expand digital connectivity, develop skills demanded by employers and provide Nigerian businesses with infrastructure and financing to grow.
“I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world,” Tinubu said.
He also acknowledged that millions of Nigerians were still struggling with food, school fees, medical bills and transportation costs, noting that their difficulties predated the reforms and reflected decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
The President said the government could not erase in four years problems that had accumulated over generations, but could change the country’s direction and build an economy capable of steadily lifting people out of poverty.
He said the administration was strengthening direct support for the poorest households and improving the National Social Register to ensure that assistance reached those who genuinely needed it.
Tinubu also cited the Nigerian Education Loan Fund as a means of expanding access to higher education for students from low-income families, while the Consumer Credit Corporation, CREDICORP, was providing working Nigerians with access to credit for vehicles, solar systems, digital devices and other essential assets.
He said the Federal Government, in collaboration with state and local governments, would continue to strengthen primary healthcare, basic education and essential public services on which poorer Nigerians depend.
According to him, salaries and pensions had been paid on time and in full since 2023, while reforms to the national pension programme were aimed at benefiting retirees and vulnerable Nigerians.
“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it. Our objective is not to manage poverty more efficiently,” he said.
“We will defeat it.”
Tinubu, however, acknowledged that achieving the objective would require time, discipline, sustained economic growth and the creation of millions of productive opportunities across the country.
He said the reforms had laid the foundation for lasting prosperity, arguing that Nigeria could now move beyond economic correction towards building a future in which the promise of independence would become a lived reality for citizens.
“The age of reform has done its work. Now begins the age of prosperity,” he declared.
Reflecting on Nigeria’s 66-year journey, Tinubu said the country had endured difficult years and made hard decisions but must now remain united in building on the foundations created by those decisions.
He expressed confidence in Nigerians, particularly ordinary men and women whose work, courage and determination, he said, had always been the country’s greatest strength.
“The road ahead will still demand much from us. But we travel it now with firm footing, a clear direction and renewed hope in our collective future,” he said.
Tinubu concluded by declaring that Nigeria had corrected its course and “passed through our own Red Sea”, urging citizens to look ahead rather than return to the challenges of the past.
He said the “Promised Land” ahead was a Nigeria of abundance and opportunity, where prosperity would be broadly shared, every child could aspire beyond the circumstances of birth and the country’s potential would be reflected in the lives of its people.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” the President said.
He wished Nigerians a happy Independence Day and prayed for the continued blessing of the country.
