President Bola Tinubu has said his administration will place jobs, enterprise and industrial growth at the centre of Nigeria’s next phase of economic policy.
The government also said it is moving from economic reforms to what he described as an “age of prosperity.”
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Mr Tinubu stated these priorities in his Independence Day address to the nation on Thursday, saying Nigeria must convert its large young population into an engine of production rather than a source of economic hardship.
“But prosperity requires more than cheaper goods. It requires productive work. Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition.
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“Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair,” the president said.
The president’s statement followed economic reforms introduced by the Tinubu-led administration since 2023, which include the removal of the petrol subsidy, exchange-rate reforms, tighter monetary and fiscal measures, and changes aimed at improving government revenue and investment.
Support for businesses
Mr Tinubu said the government would support businesses, revive industries, expand digital connectivity, and invest in skills employers need.
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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.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.
“We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres,” Mr Tinubu said.
Digital investment
The president also promised greater digital connectivity and investment in skills, infrastructure and finance to support Nigerian businesses.
“We will expand digital connectivity into communities that have waited too long to participate in the modern economy.
We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow,” he said.
Mr Tinubu said his administration wanted 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. I want young Nigerians building unicorns and creating opportunities for others here at home,” he said.
Access to credit
The president also highlighted access to credit as part of the government’s strategy to expand economic participation.
He said the Credit Corporation, CREDICORP, was providing consumer credit that would enable Nigerians to acquire vehicles, solar systems, digital devices and other essential assets without having to save for years before making such purchases.
“It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings,” Mr Tinubu said.
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He said the government would also continue to support businesses through infrastructure and finance, suggesting that access to capital would be an important component of the administration’s new prosperity agenda.
Private-sector expansion
The president linked private-sector expansion to job creation and increased domestic production, saying the government’s responsibility was to create conditions for Nigerian businesses to expand.
Mr Tinubu said millions of Nigerians still struggled to meet basic needs and acknowledged that the challenges predated his administration.
“Some Nigerian families still struggle today for the next meal, the next school fee, the next medical bill, or simply enough money to get to work,” he said.
He attributed the difficulties to decades of low productivity, inadequate infrastructure, insufficient opportunity and weak institutions, while promising continued support for vulnerable households.
The president said the government’s long-term objective was not simply to expand social assistance but to build an economy capable of creating productive opportunities and lifting people out of poverty.
“It will take time. It will require discipline. It will require sustained growth year after year and the creation of millions of productive opportunities across our country,” he said.
Mr Tinubu said Nigeria had now laid the foundation for lasting prosperity and called on Nigerians and businesses to participate in the next phase of economic development.
“The age of reform has done its work. Now begins the age of prosperity,” he said.
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