President Bola Tinubu on Wednesday, October 1, told Nigerians that the country’s economic turnaround is underway, signalling hope for stability, growth, and improved living conditions.
In a national broadcast to mark Nigeria’s 65th Independence anniversary, Tinubu said his administration had chosen “the path of tomorrow over the comfort of today” and that citizens were already seeing the impact of difficult but necessary reforms.
“I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief. I salute your endurance, support, and understanding,” the President said.
Highlighting reforms aimed at revitalising the economy, Tinubu said removing fuel subsidies and unifying foreign exchange rates freed resources for public investment.
“Our administration has redirected the economy towards a more inclusive path, channelling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure,” he explained.
He cited concrete achievements: GDP growth of 4.23 per cent in Q2 2025, inflation dropping to 20.12 per cent, foreign reserves reaching $42.03bn, trade surpluses for five consecutive quarters, and non-oil exports now accounting for nearly half of total trade.
Tinubu also stressed progress in domestic oil refining, local manufacturing, and stabilising the naira. “We see renewed investor confidence through a booming stock market and improved credit ratings,” he said.
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Beyond macroeconomics, the President detailed the government’s social interventions, including ₦330bn disbursed to eight million households and the Nigeria Education Loan Fund supporting over 500,000 students.
Programs like Credicorp, YouthCred, and the $600m iDICE initiative were designed to empower youth in housing, technology, and creative industries.
On security, Tinubu highlighted successes against terrorism, banditry, and kidnappings. “Peace has returned to hundreds of communities, and thousands of displaced persons are returning home,” he said.
The President also touched on infrastructure, naming ongoing projects like the Lagos-Calabar Coastal Highway and Eastern Rail Project, while pledging to prioritise food security and agricultural production to reduce living costs.
Acknowledging that reforms had caused short-term hardships, Tinubu urged patience, stressing that without these measures, Nigeria risked economic collapse.
“The biting effects of inflation and the rising cost of living remain a concern. However, the alternative of economic chaos was not an option,” he said.
Tinubu concluded with a call for productivity, national unity, and self-reliance.
“Let us be a nation of producers, not just consumers. Let us farm our land, build factories, and patronise ‘Made-in-Nigeria’ goods. Nigeria first. With Almighty God on our side, the dawn of a new, prosperous, self-reliant Nigeria is here.”