President Bola Tinubu has pledged to reduce the cost of living, expand employment opportunities and strengthen social protection as Nigeria enters a new phase of economic development.
Tinubu made the commitment on Thursday in his nationwide broadcast to mark Nigeria’s 66th independence anniversary, declaring that his administration’s priority had shifted from economic stabilisation to shared prosperity.
He said the government would tackle living costs by reducing production and transportation expenses, while expanding agricultural productivity and industrial growth.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume.”
The President said the government would expand mechanised irrigation, dry-season farming, access to seeds and fertiliser, storage facilities and agricultural mechanisation.
He added that investments in roads, railways and ports would improve connections between farms, factories and markets.
Tinubu said the administration would also promote industrialisation, digital connectivity, access to finance and skills development to stimulate productive employment.
He pledged to deploy Nigeria’s gas resources to power industries and support businesses seeking to revive factories in industrial centres.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government policies.”
The President acknowledged that millions of Nigerians continued to struggle with food, education, healthcare and transportation costs.
He attributed the challenges to decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.
Tinubu said the government would strengthen direct assistance to vulnerable households through an improved National Social Register.
He also highlighted the Nigerian Education Loan Fund, CREDICORP and investments in primary healthcare and basic education as measures supporting low-income families.
According to him, the government will continue working with state and local governments to improve essential public services.
Tinubu said salaries and pensions had been paid promptly since 2023, while reforms to the national pension programme were designed to benefit 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.”
The President declared that the administration’s ultimate objective was to eradicate poverty through sustained economic growth and millions of productive opportunities.
“Our objective is not to manage poverty more efficiently.
“We will defeat it.”
Tinubu said the government would continue pursuing policies aimed at ensuring that economic growth translated into improved living standards and opportunities for Nigerians.
He described the next phase as an age of prosperity, urging Nigerians to remain united and committed to building a more prosperous nation.
“The age of reform has done its work. Now begins the age of prosperity”.
