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Nigeria @66: Tinubu Declares New Economic Focus
…Puts Jobs and Industrial Growth at Heart of ‘Prosperity Era’
President Bola Ahmed Tinubu has announced a shift in his administration’s economic focus, saying jobs, enterprise and industrial growth will now take centre stage as Nigeria moves from economic reforms into what he described as an “age of prosperity.”
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, saying the government’s priority would be to turn the country’s large youthful population into an engine of production and economic growth.
According to the President, millions of young Nigerians enter adulthood each year with talent, energy and ambition, making it necessary for government to create an environment where they can find productive work and build businesses.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” Tinubu said.
He said the government would use Nigeria’s gas resources to power new industries and support businesses working to revive factories in the country’s industrial centres.
The President also promised to expand digital connectivity, invest in skills demanded by employers and provide Nigerian businesses with infrastructure and access to finance needed for expansion.
Tinubu said his administration wants to see more goods produced locally and more Nigerian companies competing in international markets.
“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.
He also highlighted the role of consumer credit, saying the Nigerian Consumer Credit Corporation, CREDICORP, was enabling working Nigerians to access financing for vehicles, solar systems, digital devices and other essential assets.
The President acknowledged that millions of Nigerians continue to struggle with food, education, healthcare and transportation costs, but attributed the challenges to years of low productivity, inadequate infrastructure and limited economic opportunities.
He said the government would continue supporting vulnerable households while pursuing an economy capable of creating millions of productive opportunities and reducing poverty.
Tinubu said the reforms introduced since 2023, including fuel subsidy removal and exchange-rate changes, were intended to correct longstanding economic weaknesses. He argued that the country had now reached a turning point where the focus could shift from economic stabilisation to broader prosperity.
The President concluded that the next phase would require sustained economic growth, discipline and increased production.
“The age of reform has done its work. Now begins the age of prosperity,” he said.