President Bola Ahmed Tinubu has assured Nigerians that the country has moved beyond the most difficult phase of his administration’s economic reforms, declaring that Nigeria has “passed through our own Red Sea” and must now focus on prosperity.
Tinubu made the remarks in his nationwide broadcast on Thursday, October 1, 2026, as Nigeria marked its 66th Independence Anniversary. His address focused heavily on the economy, the impact of reforms and his government’s plans to improve living standards.
The President acknowledged that Nigeria’s journey since independence has been difficult, citing challenges including war, military rule, economic crises, insecurity and political upheaval. He also praised ordinary Nigerians, farmers, traders, teachers, entrepreneurs and members of the security services for their contributions to the country’s survival and development.
Tinubu Defends Economic Reforms
A major part of the speech was dedicated to defending the economic reforms introduced by his administration.
Tinubu argued that successive governments had postponed difficult economic decisions, allowing what he described as deep economic distortions to worsen. He compared the situation to a seriously ill patient who must endure painful treatment rather than simply use medication to suppress the symptoms.
He said his administration chose to confront the underlying problems despite the difficulties created by the reforms.
“The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.”
Tinubu maintained that the reforms did not create Nigeria’s economic weaknesses but were intended to address problems that had accumulated over time.
President Lists Economic Gains
Tinubu said the country’s economic outlook has improved, pointing to economic growth, reduced oil theft, lower inflation, rebuilt foreign reserves and greater stability in the foreign exchange market.
He also highlighted Nigeria’s reported record in non-oil exports, saying the country generated more than $6 billion in non-oil export revenue in 2025.
According to Tinubu, these developments show that the reforms are beginning to produce results and have created a stronger foundation for the next phase of his administration.
“Age of Prosperity”
The President declared that the government’s focus is now shifting from economic reform to “shared and widespread prosperity.”
He said this means creating an economy where farmers can produce more cheaply, businesses can access reliable electricity and credit, young Nigerians can find productive employment, and families can have greater access to affordable food, transportation and education.
Tinubu said his administration would continue investing in agriculture, mechanised farming, irrigation, storage, roads, railways and ports to reduce production and transportation costs.
He also highlighted plans to expand industries, use gas to power new businesses, improve digital connectivity and provide Nigerians with skills needed by employers.
Focus on Jobs and Young Nigerians
Tinubu described Nigeria’s young population as a potential economic strength and said his government would place jobs, enterprise and industrial development at the centre of its policies.
He expressed a desire to see more Nigerian businesses producing goods for local consumption and export, while encouraging young Nigerians to build technology companies and other businesses within the country.
Support for Poor and Vulnerable Nigerians
The President also acknowledged that millions of Nigerians continue to struggle with food, school fees, healthcare expenses and transportation costs.
He said these difficulties predate his administration and are the result of problems that accumulated over several decades.
Tinubu highlighted government programmes including the National Social Register, Nigerian Education Loan Fund (NELFUND) and CREDICORP, alongside investments in primary healthcare, basic education and other public services.
He said these programmes are intended to support vulnerable citizens while the broader economy moves towards increased productivity and prosperity.
“We Have Passed Through Our Own Red Sea”
Towards the end of his address, Tinubu urged Nigerians not to look backwards but to focus on the future.
He described the country as having corrected its economic course and declared:
“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back.”
He said the ultimate goal is to build a Nigeria where prosperity is broadly shared, children can pursue opportunities regardless of their background and the country’s potential is reflected in the everyday lives of its citizens.
Tinubu concluded by calling on Nigerians to move forward together with renewed confidence in the country.
“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”
The address was delivered as Nigeria celebrated 66 years of independence, with the President framing the next phase of his administration as a transition from economic reform to prosperity.
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