President Bola Ahmed Tinubu has declared that Nigeria has passed through its own “Red Sea” following years of difficult economic reforms, assuring Nigerians that the country is now entering an era of prosperity.
Tinubu stated this in his Independence Day address to the nation on Thursday, October 1, 2026, to mark Nigeria’s 66th Independence Anniversary.
The address, themed “From Reforms to Prosperity,” focused largely on the administration’s economic reforms, the challenges faced by Nigerians and the government’s plans to translate economic gains into improved living standards.
According to the President, Nigeria’s economic challenges required difficult decisions, which his administration chose to confront rather than defer.
He described the reforms as painful but necessary, arguing that they were designed to address longstanding economic distortions and create the foundation for sustainable growth.
Tinubu said the country’s economic outlook had improved, citing growth in both the oil and non-oil sectors, declining inflation from its peak, improved foreign reserves, greater stability in the foreign exchange market and increased non-oil exports.
He also said oil theft had declined and that Nigeria recorded more than $6 billion in non-oil export revenue in 2025.
The President acknowledged, however, that millions of Nigerians are still struggling with the cost of food, transportation, education, healthcare and other basic necessities.
He said the next phase of his administration would therefore focus on “shared and widespread prosperity.”
Tinubu identified lowering the cost of living, increasing agricultural production, creating jobs, supporting businesses and expanding industrialisation as key priorities.
He said the government would intensify investments in mechanised farming, irrigation, storage, transportation and infrastructure connecting farms and factories to markets.
According to him, the government also plans to use Nigeria’s gas resources to support industrial development, revive factories, expand digital connectivity and equip young Nigerians with skills required in the modern economy.
“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.
The President also highlighted social intervention programmes, including the Nigerian Education Loan Fund and CREDICORP, as part of measures to support Nigerians while the economy transitions towards broader prosperity.
He said the government would continue strengthening primary healthcare, basic education and other essential services, while improving systems for identifying and supporting vulnerable households.
Tinubu acknowledged that the economic difficulties facing Nigerians did not begin with the reforms of the last three years, noting that they were the accumulated consequences of decades of low productivity, inadequate infrastructure and limited opportunities.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
The President maintained that the country had now moved beyond the emergency phase of economic correction and should focus on creating opportunities and improving the quality of life of Nigerians.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared.
He urged Nigerians to remain united and forward-looking, expressing confidence in the country’s potential and the determination of its citizens.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward,” he said.
Tinubu described the Nigeria ahead as a country of abundance and opportunity, where prosperity is broadly shared and every child can aspire beyond the circumstances of their birth.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” the President added.
He wished Nigerians a happy Independence Day and prayed for the continued peace and prosperity of the Federal Republic of Nigeria.
