President Bola Tinubu has declared that Nigeria is entering a new phase of economic development focused on prosperity, jobs, lower living costs and improved opportunities for citizens.

Tinubu made the declaration in his 66th Independence Day address to the nation on Thursday, saying his administration’s next priority was to translate economic reforms into tangible improvements in the lives of Nigerians.

“The age of reform has done its work. Now begins the age of prosperity,” the President said.

According to Tinubu, the central economic task over the past three years was to correct Nigeria’s economic direction, while the priority now is to ensure that the benefits of growth are broadly shared.

He said bringing down the cost of living would be a major objective of the next phase, with the government focusing on reducing the cost of producing and transporting food and other essential goods.

Tinubu said the administration would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.

He also highlighted ongoing investments in roads, railways and ports, saying improved connectivity between farms, factories and markets would reduce production and distribution costs.

“Our logic is simple,” he said. “When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster… all those savings will ultimately find their way into the price of goods in the market.”

The President said job creation and industrialisation would also be placed at the centre of government policy, particularly given Nigeria’s youthful population.

He promised greater investment in gas-powered industries, the revival of factories, digital connectivity, skills development and access to finance for businesses.

Tinubu also acknowledged that millions of Nigerians were still struggling with food, school fees, healthcare expenses and transportation costs.

He said the hardship experienced by vulnerable Nigerians was the result of decades of low productivity, inadequate infrastructure and insufficient opportunities, rather than solely the reforms introduced since 2023.

The President said the government would therefore strengthen direct support for poor households and improve the National Social Register to ensure assistance reaches those who need it.

He also highlighted the Nigerian Education Loan Fund, saying it would help low-income families access higher education, while CREDICORP would provide consumer credit for assets such as vehicles, solar systems and digital devices.

Tinubu further promised continued investment in primary healthcare, basic education and other essential public services, while noting that salaries and pensions had been paid on time and in full since 2023.

“These programmes are not substitutes for prosperity. They are a bridge to aid our nation’s citizens on their path towards it,” he said.

The President said the ultimate objective was not simply to manage poverty but to eliminate it through sustained economic growth and the creation of millions of productive opportunities.

“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.

Tinubu ended his address with a call for Nigerians to look forward with renewed confidence.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.