Independence Day: Tinubu says Nigeria has passed through its own Red Sea, entering age of prosperity

Politics

ABUJA, Nigeria (NPA) — President Bola Ahmed Tinubu has said Nigeria has passed through its “own Red Sea” following difficult economic reforms, declaring that the country is now entering an era focused on shared and widespread prosperity.

Tinubu stated this in his 2026 Independence Day national address, themed “From Reforms to Prosperity,” in which he defended his administration’s economic reforms and said they had confronted, rather than created, the weaknesses in the Nigerian economy.

The President said the removal of fuel subsidy was among the difficult measures undertaken by his administration, describing calls to reverse the policy as a return to what he termed the “abuse of addictive subsidies.”

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He said Nigeria’s economic outlook had improved three and a half years into his administration, claiming that the economy had grown by more than four per cent in 2026, while both the oil and non-oil sectors contributed to what he described as a period of stable growth.

Tinubu also cited lower oil theft, a substantial decline in inflation from its peak, rebuilt foreign reserves and greater stability in the foreign exchange market as indicators of improvement.

He further said Nigeria recorded its highest-ever revenue from non-oil exports in 2025, exceeding $6 billion, describing the figure as evidence of increased activity by Nigerian businesses.

The President said the focus of his administration had now shifted from correcting the country’s economic course to delivering broader prosperity.

“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics,” Tinubu said, adding that his vision was a Nigeria where farmers could produce safely and profitably, factories had reliable power, businesses could access credit and young people could find productive work.

He identified reducing the cost of living as a priority, saying the government would seek to achieve this by lowering the cost of producing and transporting goods.

According to him, the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase mechanisation, invest in storage and transportation, and continue developing roads, railways and ports linking farms and factories to markets.

Tinubu also said his administration would place jobs, enterprise and industrial growth at the centre of its policies, including using gas to power industries, supporting the revival of factories, expanding digital connectivity and investing in skills and infrastructure.

He said the government would also strengthen social support for vulnerable Nigerians through programmes including the National Social Register, the Nigerian Education Loan Fund and CREDICORP, while working with state and local governments to improve primary healthcare, basic education and other essential services.

The President acknowledged that millions of Nigerians continued to face difficulties meeting basic needs, saying their challenges were the result 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.

Tinubu said the government’s objective was not merely to manage poverty but to defeat it through sustained economic growth and the creation of productive opportunities.

He declared that the country had reached a new phase after years of economic reforms.

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

The President urged Nigerians to remain united and look ahead, saying: “Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back.”

He described the destination as a Nigeria of greater abundance and opportunity, where prosperity would be broadly shared and children could aspire beyond the circumstances of their birth.