President Bola Ahmed Tinubu has declared that Nigeria has passed through its own “Red Sea” following years of difficult economic reforms, saying the country is now entering an era of shared and widespread prosperity.
Tinubu stated this in his Independence Day address to Nigerians on Thursday, marking the 66th anniversary of the country’s independence.
The President said his administration inherited an economy burdened by deep structural distortions, rising poverty and declining hope, which required difficult decisions to correct.
He likened the reforms to the treatment of a patient diagnosed with cancer, arguing that the discomfort associated with the treatment should not be confused with the underlying disease.
According to him, Nigeria had for too long relied on temporary measures to manage economic problems rather than confronting their root causes.
“Now, our purpose is simple: shared and widespread prosperity,” Tinubu said.
He said the country’s economy had grown by more than four per cent in the year, while both the oil and non-oil sectors contributed to renewed growth.
The President also cited lower oil theft, a substantial decline in inflation from its peak, rebuilt foreign reserves, improved stability in the foreign exchange market and record non-oil export revenue exceeding six billion dollars in 2025.
Tinubu said the focus of his administration would now shift towards reducing the cost of living by lowering the cost of producing and transporting goods.
He listed mechanised irrigation, dry-season farming, improved access to seeds and fertiliser, mechanisation, storage, transportation infrastructure, roads, railways and ports as part of the measures being pursued.
He said the ultimate objective was to ensure that increased productivity and lower production costs translated into more affordable goods for Nigerians.
The President also promised greater emphasis on productive employment, industrial growth, digital connectivity and skills development, particularly for young Nigerians.
“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,” he said.
Tinubu acknowledged that millions of Nigerians were still struggling with food, education, healthcare and transportation costs.
He said the government would continue strengthening social support programmes, the National Social Register, the Nigerian Education Loan Fund, CREDICORP, primary healthcare and basic education.
The President said the programmes were intended as a bridge towards prosperity rather than a substitute for economic growth.
“We will defeat” poverty, he declared, while acknowledging that the process would require time, discipline, sustained growth and the creation of millions of productive opportunities.
Tinubu urged Nigerians to remain focused on the future, saying the country had corrected its economic course and laid foundations for lasting prosperity.
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back,” he said.
He called for collective commitment to building a Nigeria where prosperity would be broadly shared and every child could aspire beyond the circumstances of birth.
