By BONIFACE AKARAH

President Bola Ahmed Tinubu has announced a new economic focus centred on reducing the cost of living, expanding productive employment and supporting vulnerable Nigerians, saying the country must now convert its young population into an engine of economic production.

Tinubu outlined the agenda in his Independence Day address on Thursday, October 1, 2026, as he declared that the next phase of his administration would focus on translating economic reforms into broader prosperity for Nigerians.

The President said reducing the cost of living would be achieved by bringing down the cost of producing and transporting goods, with government investing in agriculture, infrastructure, storage, transportation and industrial production.

“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,” Tinubu said.

He said the government would expand mechanised irrigation and dry-season farming, improve access to seeds and fertiliser, increase agricultural mechanisation and invest in storage and transportation.

Tinubu also linked the cost of living to infrastructure and production efficiency, saying roads, railways and ports were being developed to connect farms and factories to markets.

“When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market,” he said.

Beyond cheaper goods, the President said Nigeria must create productive work for its rapidly growing population.

“Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition,” Tinubu said, adding that government’s responsibility was to ensure that the country’s demographic strength became an engine of production rather than a source of despair.

He said jobs, enterprise and industrial growth would therefore remain at the centre of government policy, with plans to use Nigeria’s gas resources to power industries, support factories, expand digital connectivity and invest in skills demanded by employers.

Tinubu also expressed concern about Nigerians still struggling to afford food, school fees, healthcare and transportation.

“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.

The President attributed the hardship to decades of low productivity, inadequate infrastructure, limited opportunities and institutional weaknesses, while acknowledging that the situation could not be reversed overnight.

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

He said the administration would strengthen direct support for the poorest households and improve the National Social Register to ensure assistance reaches people who genuinely need it.

Tinubu also cited the Nigerian Education Loan Fund and CREDICORP as part of the government's effort to expand opportunities for lower-income Nigerians.

According to him, NELFUND is intended to prevent children from low-income families from abandoning higher education because of tuition costs, while CREDICORP provides access to consumer credit for vehicles, solar systems, digital devices and other essential assets.

The President said such interventions were not intended to replace prosperity but to provide a bridge towards it.

“Our objective is not to manage poverty more efficiently. We will defeat it,” Tinubu declared.

He acknowledged that achieving the goal would take time and require sustained economic growth and the creation of millions of productive opportunities.

“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.