Our Next Priority Is to Reduce Cost of Living, Create Jobs – Tinubu

President Bola Ahmed Tinubu has said his administration will prioritise reducing the cost of living, creating productive jobs, expanding industries and supporting Nigerian businesses as it moves into the next phase of its economic agenda.

Tinubu made this known in his Independence Day address to Nigerians on Thursday, October 1, 2026, stating that the government would now focus on translating the gains of its economic reforms into improved living standards.

According to the President, the immediate priority is to reduce the cost of producing and transporting goods consumed by Nigerians.

“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.

Tinubu said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertilisers, promote agricultural mechanisation and invest in storage and transportation infrastructure.

He added that ongoing investments in roads, railways and ports were aimed at connecting farms and factories to markets, reducing production costs and making goods more affordable.

The President explained that lower production and transportation costs, alongside improved electricity supply and fair competition, would help reduce market prices.

Emphasising the importance of employment and industrial growth, Tinubu said prosperity required more than cheaper goods, stressing that productive jobs and stronger businesses were essential to achieving sustainable economic progress.

He said his administration would leverage Nigeria’s gas resources to power industries, support businesses seeking to revive factories and expand digital connectivity to underserved communities.

The President also pledged continued investment in skills development, infrastructure and financing to help Nigerian businesses grow and create employment opportunities, particularly for young people entering the workforce.

“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,” he said.

On social protection, Tinubu acknowledged that many Nigerians continued to struggle with the cost of food, education, healthcare and transportation.

He said the government would strengthen direct support for vulnerable households and improve the National Social Register to ensure that assistance reached those who needed it most.

The President also highlighted the Nigerian Education Loan Fund (NELFUND) and CREDICORP as initiatives designed to expand access to education financing and consumer credit.

He added that the Federal Government would continue working with state and local governments to improve primary healthcare, basic education and other essential public services.

Tinubu acknowledged that the challenges facing Nigerian households had developed over several decades, citing low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses.

“We cannot erase in four years what accumulated over generations. But we can change its course,” he said.

He maintained that the government’s objective was not merely to manage poverty but to eliminate it through sustained economic growth and the creation of productive opportunities.

Reviewing the economy, Tinubu said Nigeria recorded economic growth of more than four per cent in 2026, with contributions from both the oil and non-oil sectors.

He also cited reduced oil theft, declining inflation from its peak, improved foreign reserves, greater stability in the foreign exchange market and more than $6 billion in non-oil export revenue in 2025 as indicators of improving economic conditions.

The President said the next phase of his administration’s economic programme would build on the foundations established through reforms implemented over the past three years.

“The age of reform has done its work. Now begins the age of prosperity,” he declared.

Tinubu said his administration was working towards a country where farmers could produce more at lower costs, manufacturers could access reliable electricity, businesses could obtain credit and young Nigerians could find meaningful employment.

He added that the broader objective was to make food and transportation more affordable, improve access to education and enable families to look to the future with greater confidence.

“Our purpose is simple: shared and widespread prosperity,” the President said.

He urged Nigerians to remain committed to national development, acknowledging that the journey ahead would require continued sacrifices but insisting that the country was moving in the right direction.

“Nigeria has corrected its course. We have passed through our own Red Sea. This is not the time to look back. Let us go forward together,” he said.

He added: “Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back.”