NIGERIA: Nigeria’s President Bola Ahmed Tinubu said his government would prioritise cheaper production and transport to bring down living costs, in the released text of his Independence Day address dated October 1, 2026.
Tinubu said the government would expand farming and improve the infrastructure that connects producers to markets. He argued that lower costs for farmers, manufacturers and transport operators would eventually reduce the prices Nigerians pay for goods.
Tinubu said: “Our priority is to bring down the cost of living.”
Okay News reports that the address, marking Nigeria’s 66th independence anniversary, set out an economic programme focused on production and jobs while acknowledging that some families still struggle to afford meals, school fees, medical bills and transport to work.
The president said agricultural efforts would include expanding irrigation and dry-season farming, improving access to seeds and fertiliser, and increasing the use of machinery. He also cited investment in storage and transport, alongside the construction and completion of roads, railways and ports.
According to Tinubu, reducing crop losses between farms and markets and cutting manufacturers’ electricity costs would help make goods more affordable. He also identified faster freight movements and fair competition as part of that approach.
On employment, he said the government would use Nigerian gas to power new industries and support businesses seeking to reopen factories in established industrial centres. Plans also included wider digital connectivity and investment in skills demanded by employers, with infrastructure and finance to help businesses expand.
Tinubu defended the economic reforms undertaken by his administration, saying they had addressed weaknesses that preceded his government. He urged Nigerians to resist a return to subsidies and said the focus should now move towards wider prosperity.
He said: “The age of reform has done its work.”
He said Nigeria’s economy had grown by more than 4% this year, with contributions from both oil and non-oil activities. He also said non-oil export revenue exceeded $6 billion in 2025, describing it as the highest annual total in the country’s history.
The president said inflation had fallen substantially from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised. The address did not identify the statistical releases or comparison periods behind those claims.
Tinubu said the government was strengthening direct support for the poorest households and improving the National Social Register to ensure assistance reached people who needed it. He said years of inadequate infrastructure and limited economic opportunities had contributed to household hardship.
He cited the Nigerian Education Loan Fund as a means of helping students from low-income families pay for higher education. The government would also work with state and local authorities to strengthen primary healthcare, basic education and other services used by poorer Nigerians, he said.
The address did not specify a new cash payment, wage award or implementation deadline for the cost-of-living measures.
