Tinubu: Nigeria Has Entered a New Economic Phase

President Bola Tinubu has declared that Nigeria is moving from an era of economic reforms into what he described as an era of prosperity, while acknowledging the hardship Nigerians have experienced during the reform process.

In his Independence Day address on Thursday, October 1, Tinubu said his administration had spent the past three years taking difficult economic decisions aimed at correcting what he described as long-standing distortions in the Nigerian economy.

The President pointed to economic growth, improved foreign-exchange stability, falling inflation from its previous peak and increased non-oil export earnings as signs that the reforms are beginning to produce results.

According to him, Nigeria’s economy has grown by more than four per cent this year, while non-oil exports generated more than $6 billion in 2025.

Tinubu also acknowledged that the reforms came with serious difficulties for Nigerians. He said the government’s next priority is no longer simply stabilising the economy but ensuring that economic growth translates into jobs, affordable credit, productive businesses and improved living conditions.

He described the current moment as a transition from “reform” to “prosperity” and urged Nigerians to remain focused on the country’s future.

The President’s speech comes as Nigerians continue to debate the economic impact of his administration’s policies, particularly the removal of fuel subsidies and other major reforms.