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President Bola Ahmed Tinubu has said Nigeria’s economic priorities have shifted from correcting the country’s economic course to achieving “shared and widespread prosperity.”
Tinubu made the declaration in a nationwide address on Thursday to mark Nigeria’s 66th Independence Anniversary.
“My fellow Nigerians, we have reached a turning point,” the President said.
According to him, “The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed.”
“For three years, our overriding purpose was to correct our nation’s course,” he said, adding that the government’s new objective is “simple: shared and widespread prosperity.”
Tinubu said prosperity should not be measured only through the size of the economy or statistical indicators, but by improvements in the everyday lives of Nigerians.
“When I speak of prosperity, I do not speak merely of a larger economy, abstract numbers or better statistics. I mean something much more personal,” he said.
He described his vision of a Nigeria where farmers can work safely and earn decent returns, factories have reliable electricity, businesses can access credit and young people can secure productive employment.
The President further said his administration wants a country where food and transportation are affordable, education is accessible and families can face the future with confidence.
“This is the promise we must now fulfil,” he said.
Tinubu identified reducing the cost of living as a priority of the next phase of his administration.
“Our priority is to bring down the cost of living,” he said. “We will achieve this by lowering the cost of producing and moving the things Nigerians consume.”
The President said Nigeria has the resources and population needed to achieve greater food self-sufficiency, adding that his government would focus on expanding agricultural production and infrastructure.
“We have the land and people to feed ourselves,” Tinubu said.
“My government is therefore focused on expanding mechanised irrigation and dry-season farming, improving access to seeds and fertiliser, holistically increasing mechanisation, and investing in storage and transportation.”
He said the government was also developing transport infrastructure to improve connections between farms, factories and markets.
“We are building and completing the roads, railways and ports that connect farms and factories to markets,” he said.
Tinubu explained that reducing production and distribution costs would ultimately help lower the prices paid by consumers.
“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, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.”