We have passed through our own red sea, Tinubu Declares

President Bola Ahmed Tinubu has declared that Nigeria has passed through its own “Red Sea” of economic difficulties and is now entering an era of prosperity, urging Nigerians to look ahead with renewed hope and confidence.

Tinubu made the declaration on Thursday, October 1, 2026, in his Independence Day address to Nigerians as the country marked its 66th Independence Anniversary. The address was delivered under the theme, “From Reforms to Prosperity.”

The President said Nigeria’s journey since gaining independence from British colonial rule on October 1, 1960, had been marked by war, military rule, economic crises, insecurity and political upheaval, but maintained that the resilience of Nigerians had kept alive the promise of a united and prosperous nation.

He said his administration inherited an economy weighed down by structural distortions and difficult fiscal conditions, arguing that the reforms introduced since 2023 were necessary to correct the country’s economic direction.

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According to him, the reforms had brought significant hardships, but were intended to address problems that had accumulated over decades.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” Tinubu said.

Using the analogy of a patient diagnosed with cancer, the President said previous administrations had often relied on measures that eased the symptoms of Nigeria’s economic problems without addressing their underlying causes.

He said his administration instead chose to confront the structural problems directly, despite the difficult consequences of the treatment.

“Our reforms did not create the weaknesses in our economy. They confronted them,” Tinubu said.

The President said Nigeria had now reached a turning point, with the focus of government shifting from economic correction to creating shared and widespread prosperity.

“The emergency treatment is over. The foundation has been repaired. The central economic task before us has changed.

“For three years, our overriding purpose was to correct our nation’s course. Now, our purpose is simple: shared and widespread prosperity,” he said.

Tinubu cited economic growth, lower inflation, improved foreign reserves, greater stability in the foreign exchange market and reduced oil theft as indicators of what he described as progress from the reforms.

He said the Nigerian economy had grown by more than four per cent in 2026, while the country recorded more than $6 billion in non-oil export revenue in 2025.

The President said the next phase of his administration would focus on reducing the cost of living by lowering the cost of producing and transporting goods.

He listed expanded mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, increased agricultural mechanisation, storage facilities and transportation infrastructure among the measures being pursued by the government.

Tinubu also said investments in roads, railways and ports would help connect farms and factories to markets and reduce the cost of moving goods across the country.

“Our logic is simple. 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.

On employment and industrialisation, Tinubu said the Federal Government was placing jobs, enterprise and industrial growth at the centre of its economic policies.

He said Nigeria’s gas resources would be used to power new industries, while efforts would continue to revive factories, expand digital connectivity, develop relevant skills and provide businesses with infrastructure and financing.

The President said he wanted to see more Nigerians producing goods locally, more Nigerian farms supplying cities and factories, and more Nigerian businesses exporting Nigerian products to the global market.

He, however, acknowledged that millions of Nigerians were still facing hardship, including difficulties meeting the cost of food, education, healthcare and transportation.

Tinubu said the challenges facing vulnerable Nigerians were the result of decades of 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 said the Federal Government was strengthening direct support for poor households and improving the National Social Register to ensure that assistance reaches people who genuinely need it.

Tinubu also highlighted the Nigerian Education Loan Fund, saying it was helping students from low-income families pursue higher education, while the Consumer Credit Corporation (CREDICORP) was providing access to credit for essential assets such as vehicles, solar systems and digital devices.

He further pledged continued collaboration with state and local governments to strengthen primary healthcare, basic education and other essential public services.

The President said salaries and pensions had been paid on time and in full since 2023, while reforms had also been introduced in the national pension system.

He stressed, however, that social support programmes were not intended to replace economic prosperity.

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

The President acknowledged that reducing poverty and creating broad-based prosperity would require time, discipline, sustained economic growth and the creation of millions of productive opportunities.

He maintained that Nigeria was now better positioned to pursue that objective, describing the country as having corrected its economic direction and laid the foundations for lasting prosperity.

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

In his concluding remarks, the President urged Nigerians not to look back at the difficulties of the past but to work together towards building a more prosperous country.

“​​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, with faith in ourselves, faith in our country, and faith that the sacrifices we have made will yield their reward,” he said.

Tinubu described the “Promised Land” ahead as a Nigeria of abundance and opportunity, where prosperity is broadly shared and every child can dream beyond the circumstances of their birth.

“Our destination is in sight. Our foundations are strong. Our direction is clear. So let us go forward. No looking back,” he said.

He wished Nigerians a happy 66th Independence Anniversary and prayed for the continued peace and prosperity of the Federal Republic of Nigeria.