By: Zagazola Makama
President Bola Ahmed Tinubu has pledged to make reducing the cost of living, creating productive jobs and expanding industrial growth the central priorities of his administration as Nigeria moves from economic reforms to prosperity.
The President made the commitment in his Independence Day address to Nigerians on Thursday, outlining the next phase of his administration’s economic agenda.
Tinubu said the government’s immediate priority was to reduce the cost of goods and services by addressing the factors that make production and transportation expensive.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume,” he said.
He said the government was expanding mechanised irrigation and dry-season farming while improving access to seeds, fertiliser, mechanisation, storage and transportation.
According to him, investments in roads, railways and ports are also aimed at connecting farms and factories more efficiently to markets.
The President explained that lower production costs, reduced post-harvest losses, improved electricity supply and faster transportation would ultimately help bring down the prices of goods.
He also identified Nigeria’s young population as a major economic opportunity, saying government must ensure that millions of young people entering adulthood every year have access to productive opportunities.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he said.
Tinubu said the government would deploy Nigeria’s gas resources to power industries, support the revival of factories, expand digital connectivity and invest in skills demanded by employers.
He also pledged support for Nigerian businesses to enable them to expand production and compete in international markets.
“I want to see more Nigerians making things,” the President said, adding that he wanted Nigerian farms to supply cities and factories and Nigerian businesses to sell locally produced goods globally.
Tinubu said the government would also continue targeted support for vulnerable Nigerians through social intervention programmes.
He listed the strengthening of the National Social Register, the Nigerian Education Loan Fund and CREDICORP among measures designed to provide support and access to opportunities.
He said CREDICORP would enable working Nigerians to access consumer credit for vehicles, solar systems, digital devices and other essential assets.
The President further said his administration had continued to pay salaries and pensions on time and in full since 2023, while reforms to the national pension programme were being implemented to benefit retirees and vulnerable citizens.
Tinubu acknowledged that economic recovery would take time and require sustained growth and discipline.
“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.
He said the ultimate goal was not merely to manage poverty but to create an economy capable of steadily lifting Nigerians out of poverty.
