In his address marking Nigeria’s 66th Independence anniversary on 1 October, President Bola Ahmed Tinubu, GCFR, declared that the country’s central economic task has shifted from correcting its course to delivering shared and widespread prosperity, with Nigerian businesses positioned as the main engine of that effort.
Titled “From Reform to Prosperity,” the broadcast said the era of reform has done its work and that a new phase focused on jobs, enterprise and industrial growth now begins.
What the President offered business
The President set out a set of commitments aimed at producers, manufacturers and entrepreneurs:
1. Power for industry: “We will use our gas to power new industries.”
2. Revived factories: “We will support businesses that work to bring factories back to life in our great industrial centres.”
3. Infrastructure and finance: Government will support Nigerian businesses with the infrastructure and finance they need to grow.
4. Skills: Investment in the skills employers demand.
5. Digital reach: Expanded digital connectivity into communities that have waited too long to participate in the modern economy.
6. Lower costs: A focus on reducing the cost of producing and transporting goods, as part of efforts to ease the cost of living.
7. Agriculture: Greater farm output through irrigation, mechanisation, access to fertiliser and seeds, storage and transport links to feed cities and supply factories.
A production-led ambition
The President tied these commitments to a clear national aspiration. “I want to see more Nigerians making things,” he said, adding that he wants to see “Nigerian businesses selling Nigerian goods to the whole world,” and young Nigerians building enterprises that create opportunity at home.
He pointed to non-oil exports as evidence of what Nigerian firms can achieve, noting that 2025 saw the country’s highest non-oil export revenue on record, above $6 billion. “This is real money being made by real Nigerian businesses,” he said.
He also cited falling inflation, rebuilt foreign reserves and a stabilised foreign exchange market as the foundation for the next phase.
Why it matters
For businesses, the address signals a policy direction that favours local production and export over import dependence.
Manufacturers, agribusiness operators, technology firms and infrastructure players stand to benefit if commitments on gas supply, financing and connectivity are matched by clear programmes and timelines.
