By Augustine Akhilomen
…Says Nigeria Is Moving From Reform To Prosperity
…Lists Economic Gains
—Insists Nigeria Has Reached Turning Point
President Bola Ahmed Tinubu has stated that his administration cannot realistically solve all the deep-seated economic and social challenges that have accumulated in Nigeria over several generations within a four-year term.The President made this declaration on Thursday, October 1, in a nationwide broadcast to mark Nigeria’s 66th Independence Anniversary.
Tinubu addressed the lingering economic hardships facing citizens, while defending the necessity of the bold reforms implemented since the inception of his administration.
While acknowledging the weight of the burdens carried by ordinary Nigerians, the President emphasized that the country has moved past the emergency phase of structural reforms and is entering a new era focused on shared prosperity and reducing the cost of living.
“We cannot erase in four years what accumulated over generations. But we can change its course,” Tinubu stated.
Highlighting the focal points of his government’s next economic phase, the President noted that priority is being channeled toward lowering the cost of producing and moving essential consumer goods, boosting local agricultural output, and strengthening domestic manufacturing.
Urging citizens to remain steadfast, President Tinubu maintained that the sacrifices made through the difficult reform period are beginning to yield stability, charting a firm path toward a more abundant and secure future for the country.
“When this Administration assumed office, we resolved to do things differently. We chose to excise the cancer. The reforms that followed were difficult. The side effects were real. Yet, we must never confuse the medicine with the disease.
“Our reforms did not create the weaknesses in our economy. They confronted them. Now, as certain influential but regressive voices would have us abandon the treatment and return ourselves to the abuse of addictive subsidies, we must resist their siren song. We must remember why we began this journey and how far we have already come.
“Three and a half years later, the evidence that Nigeria’s economic outlook has improved is undeniable. Our economy has grown by over 4 per cent this year. Both oil and non-oil sectors have contributed to the renewed period of stable growth.”
The President noted that oil theft in producing countries has dropped; likewise, inflation has fallen “substantially”.
“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.
“Now, our purpose is simple: shared and widespread prosperity.
“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.
“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour.
“A Nigeria in which factories have reliable power, businesses can obtain credit, and young people can find productive work.
“A Nigeria in which food and transportation are affordable, education is within reach, and hard-working families can look towards the future with confidence”, he added.