By BONIFACE AKARAH

President Bola Ahmed Tinubu has declared that Nigeria has moved beyond the period of economic “emergency treatment” and entered a new phase focused on achieving shared and widespread prosperity.

Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, October 1, 2026, in which he defended the economic reforms implemented by his administration since assuming office in 2023 and outlined his vision for the next phase of the country’s economic development.

According to the President, the reforms were necessary to confront longstanding economic distortions rather than create the weaknesses affecting the country.

“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said, arguing that Nigeria must resist pressure to abandon the measures undertaken by his administration and return to what he described as unsustainable subsidy arrangements.

He said the country had reached a turning point after three years of difficult economic adjustments.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed,” the President declared.

Tinubu said the administration's immediate priority during its first three years had been to correct the country's economic direction, adding that the focus must now shift towards improving prosperity.

“Now, our purpose is simple: shared and widespread prosperity,” he said.

The President said the government’s assessment of the economy showed signs of improvement, citing economic growth of more than four per cent, contributions from both the oil and non-oil sectors, declining inflation and rebuilding of foreign reserves.

He also said oil theft had fallen, the foreign exchange market had stabilised and Nigeria recorded its highest-ever non-oil export revenue in 2025, exceeding $6 billion.

“These are not idle claims,” Tinubu said, adding that international observers, journalists, non-governmental organisations and multilateral institutions had observed what he described as improvements in Nigeria’s economic stability and resilience.

He also claimed that foreign direct investment had continued to rise, saying the private sector had already responded positively to the reforms.

The President said the next stage would require the government to translate economic stability into tangible improvements in the lives of Nigerians.

He explained that prosperity, in practical terms, meant an economy where farmers could produce safely and profitably, factories could access reliable electricity, businesses could obtain credit and young Nigerians could find productive employment.

“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,” Tinubu said.

He added that the ultimate objective was to ensure that economic improvements were reflected in the daily lives of Nigerians.

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