President Bola Ahmed Tinubu on Wednesday declared that Nigeria has “turned the corner” economically and that the nation’s “worst days are over.” He made the statement during his national broadcast to mark Nigeria’s 65th Independence Anniversary, assuring citizens that the painful reforms introduced since his assumption of office in May 2023 are beginning to yield results.
The President said his administration deliberately chose “the path of tomorrow over the comfort of today,” a decision that has required sacrifice from citizens but which, according to him, is now delivering tangible progress. “I am pleased to report that we have finally turned the corner. The worst is over, I say. Yesterday’s pains are giving way to relief,” Tinubu said. “I salute your endurance, support, and understanding. I will continue to work for you and justify the confidence you reposed in me to steer the ship of our nation to a safe harbour.”
Tinubu highlighted economic gains recorded under his administration, pointing to the removal of fuel subsidies and the unification of foreign exchange rates as two of the most significant reforms. He argued that these measures ended decades of distortions and rent-seeking, freeing up funds for infrastructure, education, healthcare, and social programmes. According to him, these bold decisions have shifted Nigeria away from a rentier economy that benefitted only a small minority and redirected resources to more inclusive national development.
Listing 12 key milestones achieved over the last two years and four months, the President announced that Nigeria’s GDP grew by 4.23 per cent in the second quarter of 2025, the fastest growth in four years. He also said inflation had fallen to 20.12 per cent, the lowest in three years, while foreign reserves had risen to $42.03 billion. Non-oil revenue, he noted, had increased significantly, the tax-to-GDP ratio had improved to 13.5 per cent, and the country had posted trade surpluses for five consecutive quarters, with manufactured exports up by 173 per cent and non-oil exports now accounting for nearly half of total trade.
Tinubu further stated that oil production had rebounded to 1.68 million barrels per day, while local refining had restarted for the first time in four decades, boosting domestic supply and enabling the export of aviation fuel. He cited the naira’s relative stability, a more buoyant stock market, improved credit ratings, and the Central Bank’s first interest rate cut in five years as further evidence of renewed investor confidence in the Nigerian economy.
Turning to social and human capital development, the President underscored Nigeria’s growth in education, from only two tertiary institutions at independence in 1960 to over 274 universities, 183 polytechnics, and 236 colleges of education by 2024. He highlighted youth-targeted policies such as the Nigeria Education Loan Fund, which has already supported more than 500,000 students, as well as credit schemes like Credicorp and YouthCred that provide loans for housing, digital devices, and resettlement opportunities. In addition, he referenced the $600 million iDICE initiative, backed by development partners, designed to boost the digital and creative industries.
Tinubu praised the resilience of Nigerians, saying the country had survived a civil war, decades of military rule, and political instability, yet still continued to strive for unity and progress. He commended the security forces for their efforts in combating terrorism, separatist violence, and banditry, stating that peace had returned to many communities and displaced persons were resettling back home. According to him, “They are winning the war against terrorism, banditry and other violent crimes. We see their victories in their blood and sweat to stamp out Boko Haram terror in the North-East, IPOB/ESN terror in the South-East and banditry and kidnapping across the country.”
The President also pointed to ongoing investments in infrastructure, including roads, seaports, airports, and major rail projects such as the Lagos-Calabar Coastal Highway and the Eastern Rail Project. He added that his administration had disbursed N330 billion under the Social Investment Programme to assist eight million households as part of efforts to reduce hardship and promote inclusive growth.
Acknowledging that Nigerians are still grappling with the high cost of living, Tinubu urged citizens to remain patient, assuring them that his government was committed to tackling inflation and ensuring food security. “I have always candidly acknowledged that these reforms have come with some temporary pains. The biting effects of inflation and the rising cost of living remain a significant concern to our government. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he said.
In his closing remarks, the President appealed for unity, productivity, and patriotism. He called on Nigerians to prioritise local production, patronise homegrown goods, and contribute to national development by paying taxes and supporting government initiatives. “Let us be a nation of producers, not just consumers. Let us farm our land and build factories to process our produce. Let us patronise Made-in-Nigeria goods. I say Nigeria first. Let us pay our taxes. Finally, let all hands be on deck. With Almighty God on our side, I can assure you that the dawn of a new, prosperous, self-reliant Nigeria is here.”
