Tinubu Pledges Jobs and Industrial Growth in New Economic Phase
President Bola Tinubu has outlined a shift in economic direction, saying his administration will now prioritise employment, enterprise and industrial expansion as Nigeria enters what he termed an "age of prosperity."
In his Independence Day broadcast on Thursday, the president said the country's large youth population must be turned into a productive force rather than a source of hardship.
"But prosperity requires more than cheaper goods. It requires productive work. Nigeria is a young country. Millions of young Nigerians enter adulthood every year with talent, energy and ambition," he said.
"Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair."
The address comes after a series of economic measures introduced since 2023, including the removal of the petrol subsidy, changes to the exchange-rate system, tighter monetary and fiscal policies, and steps aimed at boosting government revenue and investment.
Tinubu said his government would back businesses, revive industries, broaden digital access and fund training for skills that employers need. He added that Nigeria's gas resources would be used to power new industries and assist efforts to reopen factories in the country's industrial centres.
"We are therefore placing jobs, enterprise, and industrial growth at the heart of our government's policies," he said.
"We will use our gas to power new industries. We will support businesses that work to bring factories back to life in our great industrial centres."
The president also promised to extend digital connectivity to underserved communities and to invest in skills, infrastructure and finance for Nigerian businesses.
"We will expand digital connectivity into communities that have waited too long to participate in the modern economy. We will invest in the skills employers demand and support Nigerian businesses with the infrastructure and finance they need to grow," he said.
Tinubu said he wanted to see more local production and more Nigerian companies competing internationally.
"I want to see more Nigerians making things. I want to see more Nigerian farms feeding our cities and supplying our factories. I want to see Nigerian businesses selling Nigerian goods to the whole world. I want young Nigerians building unicorns and creating opportunities for others here at home," he said.
On access to credit, the president said the Credit Corporation, CREDICORP, is providing consumer credit to help Nigerians buy vehicles, solar systems, digital devices and other essential assets without saving for years.
"It is why CREDICORP is giving working Nigerians access to consumer credit, allowing people to acquire vehicles, solar systems, digital devices and other essential assets without first having to accumulate years of savings," he said.
He linked private-sector growth to job creation and higher domestic output, saying government's role is to create conditions for businesses to expand.
Tinubu acknowledged that many Nigerians still struggle to meet basic needs, noting that these difficulties existed before his administration.
"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.
He traced the challenges to decades of low productivity, poor infrastructure, limited opportunity and weak institutions, and promised continued support for vulnerable households. The long-term goal, he said, is not just to expand social assistance but to build an economy that creates productive opportunities and lifts people out of poverty.
"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.
The president said Nigeria has laid the foundation for lasting prosperity and urged citizens and businesses to take part in the next phase of economic development.
"The age of reform has done its work. Now begins the age of prosperity," he said.
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