Economy
Tinubu Declares ‘Age of Prosperity’ as Nigeria Moves Beyond Economic Reforms
President Bola Ahmed Tinubu has declared that Nigeria is entering what he described as an “age of prosperity”, saying the difficult phase of his administration’s economic reforms has given way to a new focus on jobs, lower living costs and wider economic opportunities.
In his Independence Day address on Thursday, October 1, 2026, Tinubu said the government had spent the past three years correcting what he described as deep structural weaknesses in the economy.
He said the next task was to ensure that the gains of those reforms translate into improvements in the daily lives of Nigerians.
The president’s address marked Nigeria’s 66th Independence anniversary and centred on the economic direction of his administration rather than a new major policy announcement.
The State House published the speech as “From Reform to Prosperity”, reinforcing the message that the government considers the first phase of its economic programme substantially complete.
Tinubu: ‘Emergency treatment is over’
Tinubu defended the economic reforms introduced since he assumed office in 2023, including measures that have significantly altered the country’s fuel subsidy and foreign-exchange arrangements.
Using a medical analogy, he compared Nigeria’s pre-2023 economic problems to an illness that required difficult treatment, arguing that previous governments had postponed decisions that eventually became more difficult to address.
He said his administration chose to confront those problems despite the hardship associated with the transition.
“Three and a half years later,” he said, “the evidence that Nigeria’s economic outlook has improved is undeniable.”
Tinubu cited economic growth, lower inflation from its previous peak, rebuilt foreign reserves, improved foreign-exchange market stability and increased non-oil exports as evidence of progress.
The claims form part of the administration’s broader argument that its reforms have stabilised the economy. In August, the Presidency similarly said Nigeria’s economy had stabilised and that the next challenge was translating improved macroeconomic performance into household-level benefits.
From economic stability to household prosperity
The president said the government’s priorities would now move beyond stabilisation to what he called “shared and widespread prosperity”.
That means, according to Tinubu, reducing the cost of producing and transporting food and other goods while creating more productive employment.
He identified agriculture, manufacturing, infrastructure, energy, digital connectivity and access to finance as areas where the government intends to concentrate its efforts.
For farmers, he promised greater attention to irrigation, mechanisation, seeds, fertiliser, storage and transportation.
For manufacturers, he pointed to gas-powered industrial development, improved electricity supply and infrastructure connecting production centres to markets.
The administration has previously framed infrastructure, agriculture and energy reforms as foundations for economic expansion. In his June 2026 Democracy Day address, Tinubu also said the next phase of his programme would focus on accelerating growth and ensuring that its benefits reached households and communities.
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Jobs take centre stage
Tinubu also placed employment at the centre of his next-phase economic agenda.
He said Nigeria’s youthful population could become an economic advantage if young people have access to productive work, skills and opportunities to build businesses.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies,” he said.
The president said his administration would seek to expand digital connectivity, develop skills demanded by employers, support businesses and use Nigeria’s gas resources to power industries.
He also expressed an ambition to see more Nigerian companies producing goods for domestic consumption and international markets.
What happens to Nigerians still struggling?
Despite his upbeat assessment of the economy, Tinubu acknowledged that many households remain under pressure.
He listed food, education, healthcare and transportation costs among the immediate challenges confronting families, while noting that the economic difficulties predated his administration.
He said the government could not reverse decades of accumulated problems within four years but could change the direction of the economy.
The president also pointed to social intervention programmes, including the National Social Register, the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, as mechanisms intended to support vulnerable and working Nigerians.
He stressed, however, that such programmes should serve as a bridge towards prosperity rather than become substitutes for economic growth.
“Our objective is not to manage poverty more efficiently,” Tinubu said. “We will defeat it.”
The test: from statistics to everyday life
The central challenge presented by Tinubu’s speech is whether improved macroeconomic indicators will translate into better conditions for households.
The Presidency has previously acknowledged that economic recovery must be felt beyond national statistics. In July, the government said the objective of its social and human-capital programmes was to convert macroeconomic stability into improved livelihoods.
The Central Bank of Nigeria’s 2026 macroeconomic outlook projected real GDP growth of 4.49% for the year, while forecasting lower average inflation than in 2025.
Tinubu went further in his Independence Day address, saying the economy had grown by more than 4% during the year and that inflation had fallen substantially from its peak.
He also said Nigeria recorded more than $6 billion in non-oil export revenue in 2025, describing it as the country’s highest figure on record.
Those figures were presented by the president as evidence that the reforms are producing results; the more immediate political and economic test will be whether those gains improve purchasing power, employment and household welfare.
‘No looking back’
Tinubu ended his address by urging Nigerians to remain committed to the reform programme.
He described the country as having “passed through our own Red Sea” and called on citizens not to return to the policies that, in his assessment, contributed to previous economic distortions.
His message was ultimately forward-looking: the government believes the difficult adjustment period has laid the groundwork for a more productive economy, while Nigerians are now being promised broader benefits from that foundation.
“The Promised Land before us,” he said, is a Nigeria where prosperity is broadly shared and opportunity is not determined by the circumstances of a person’s birth.
The administration’s stated next phase will therefore be measured less by the completion of reforms themselves and more by whether Nigerians experience the promised reduction in living costs, greater employment and improved economic opportunity.
Happy Independence Day, Nigeria.
Economy
Kukoyi Takes Charge of Lagos Free Zone Customs After Record Revenue Run
Deputy Comptroller Olufemi Kukoyi has assumed leadership of the Lagos Free Trade Zone Command of the Nigeria Customs Service (NCS), taking over at a time when the command is under pressure to sustain a record revenue performance while making cargo clearance and trade operations more efficient.
Kukoyi succeeded Comptroller Hauwa Abubakar, who retired from the Customs Service after 35 years of service.
The transition gives the new Area Controller responsibility for a command that collected ₦557.02 billion between January and August 2026, its highest reported revenue performance since the establishment of the Lagos Free Trade Zone Command.
Beyond the revenue figure
While the collection figure provides a measure of the command’s performance, the incoming administration is expected to demonstrate whether the gains can be sustained while improving the experience of businesses operating within the free zone corridor.
The Lagos Free Trade Zone is part of the Customs Service’s Zone A operational structure and sits within an increasingly important trade and logistics corridor around the Lekki axis.
During Abubakar’s tenure, the command also focused on trade facilitation, enforcement, inter-agency cooperation, stakeholder engagement and personnel welfare.
Her administration maintained engagement with free zone operators, the Nigeria Export Processing Zones Authority (NEPZA), Lekki Port, Lekki Freeport Terminal, customs brokers, security and regulatory agencies, traditional institutions and host communities.
Abubakar: performance was a team effort
At her valedictory ceremony, Abubakar attributed the command’s achievements to collective effort rather than individual leadership.
“Whatever successes we recorded during my time as Area Controller were not achieved by me alone. They were the product of teamwork, discipline, professionalism, and the collective commitment of every officer and member of staff.”
She thanked Comptroller-General of Customs Bashir Adewale Adeniyi and the management of the Service for the opportunity to serve, while acknowledging officers, stakeholders and partner agencies whose cooperation supported the command’s operations.
Abubakar also placed personnel welfare among the priorities of her administration, arguing that effective Customs operations depend not only on revenue collection and enforcement but also on the morale and wellbeing of officers.
Her retirement closes a 35-year career in the Nigeria Customs Service.
What Kukoyi wants to change
Kukoyi has signalled that technology and process efficiency will be central to his administration.
Speaking after taking over, he pledged to consolidate the gains of his predecessor while aligning the command with the Customs Service’s strategic policy direction of Consolidation, Collaboration and Innovation.
His priorities include technology-driven Customs operations, trade facilitation, stronger enforcement and improved revenue assurance.
Kukoyi specifically identified the National Single Window Project, One-Stop-Shop Post-Clearance Mechanism and B’Odogwu Unified Customs Management System as tools that can improve operational efficiency.
The National Single Window is designed to provide a unified digital environment for trade and maritime transactions, including coordinated documentation and faster processing.
For businesses operating through the corridor, the practical test will be whether these systems translate into fewer delays, more predictable procedures and stronger compliance.
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The challenge facing the new administration
Kukoyi’s immediate challenge is therefore broader than maintaining a revenue target.
The command must balance revenue assurance with legitimate trade facilitation, enforcement with efficient cargo processing, and regulatory responsibilities with constructive relationships across the free zone ecosystem.
That balance will be particularly important as the Lagos Free Trade Zone corridor continues to connect manufacturers, investors, logistics operators, ports, government agencies and other businesses.
Kukoyi said his administration would build on the foundation established by Abubakar rather than simply occupy the office she vacated.
He also pledged to strengthen the command’s contribution to the Federal Government’s Ease of Doing Business agenda.
Abubakar asks stakeholders to support successor
As she handed over, Abubakar urged Customs officers, businesses and partner agencies to extend to Kukoyi the cooperation given to her administration.
She stressed that changes in leadership should not disrupt the broader objectives of the Customs Service.
Abubakar expressed confidence in her successor and wished him a successful tenure.
The command, in turn, wished the retiring comptroller a peaceful and fulfilling retirement.
What to watch next
The performance of the Lagos Free Trade Zone Command under Kukoyi will likely be judged against three immediate areas: whether the command can sustain revenue mobilisation, whether technology can improve cargo and trade processes, and whether enforcement can be strengthened without creating unnecessary barriers to legitimate business.
The transition therefore represents more than a change of personnel.
It marks the beginning of a new phase for a command that has established a significant revenue benchmark and must now demonstrate that the operational systems and stakeholder relationships behind that performance can deliver sustainable results.
Economy
Nigeria’s Inland Export Push Could Cut Distance to Global Markets
Nigeria’s push to grow non-oil exports is taking a new direction as the Nigerian Ports Authority (NPA) moves to bring more port-related services closer to businesses operating away from the country’s coastal ports.
The move could particularly affect exporters in northern and central Nigeria, where agricultural producers and businesses have traditionally had to move goods considerable distances towards coastal ports before completing key clearance and documentation processes.
At the NPA Special Day of the 21st Abuja International Trade Fair, the authority’s Managing Director, Dr Abubakar Dantsoho, said the transfer of Inland Dry Port (IDP) management and development functions to the NPA would help address some of these challenges.
The trade fair, organised by the Abuja Chamber of Commerce and Industry (ACCI), was held under the theme, “Resilient Trade, Taxation, and the Economy.”
Bringing port services closer to exporters
Dantsoho said the NPA was working to extend maritime logistics into the hinterland, arguing that Nigeria’s economic resilience would depend increasingly on its ability to expand non-oil exports.
He said the new arrangement for Inland Dry Ports would bring port efficiency closer to businesses located far from the coast.
“By bringing Inland Dry Ports under the operational purview of the NPA, exporters in northern and central Nigeria, including right here in Abuja, no longer need to move raw commodities to coastal ports before undergoing port clearance and documentation.”
The development is particularly significant for producers dealing in commodities such as cocoa, sesame seeds, cashew nuts and hibiscus, as well as businesses involved in solid minerals.
For such businesses, the logistics involved in moving goods from production areas to ports can affect delivery schedules, costs and ultimately their ability to compete in international markets.
Export terminals to handle more processes inland
The NPA also pointed to its Export Processing Terminals as another part of its strategy to simplify the export chain.
According to Dantsoho, the terminals provide facilities where activities including sorting, packaging, quality certification and customs documentation can be completed before cargo is transported to port terminals.
The aim is to reduce the number of separate processes exporters have to navigate and make cargo movement more predictable.
Dantsoho said increased export activity had already been recorded in agricultural commodities and solid minerals over the past two years.
He argued that more streamlined channels could also improve confidence among international buyers and increase foreign exchange earnings from exports.
“To our prospective businessmen and entrepreneurs, now is the time to embrace export trade.”
Why the move matters
Nigeria has long sought to reduce its reliance on crude oil earnings by increasing production and exports from agriculture, manufacturing, processing and other sectors.
But producing goods for export is only part of the challenge. The ability to move those goods efficiently through certification, customs, documentation, ports and international shipping is equally important.
For businesses outside Lagos and other coastal locations, reducing the logistical distance between production and port services could therefore have a direct bearing on how competitive their products are.
The NPA says its objective is to ensure that exporters, regardless of their location or size, can access reliable maritime logistics.
ACCI seeks stronger NPA-business links
The Abuja Chamber of Commerce and Industry has welcomed the NPA’s engagement with the business community, but says the relationship needs to go beyond trade-fair participation.
ACCI Director General, Agabaidu Jideani, called for stronger collaboration between the authority and the organised private sector to improve trade, investment and supply chains.
He said the performance of Nigeria’s ports affects a broad range of businesses, from exporters and manufacturers to distributors and logistics operators.
“The efficiency, accessibility and competitiveness of Nigeria’s ports have direct implications for importers, exporters, manufacturers, distributors, logistics operators, retailers and numerous other businesses across our sectoral groups.”
Jideani said ACCI was particularly interested in connecting businesses in the Federal Capital Territory to the wider national and international trading system.
He said the Chamber could provide a platform for businesses to communicate practical challenges to the NPA, while the authority could use such engagements to explain port procedures, trade facilitation initiatives and opportunities in the maritime sector.
“We therefore commend the Nigerian Ports Authority for participating in this year’s Abuja International Trade Fair and for using the NPA Day to engage directly with the organised private sector.”
“We see this participation not merely as an exhibition opportunity, but as an important platform for dialogue, stakeholder engagement and partnership.”
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Beyond Abuja
ACCI said it was prepared to work with the NPA through policy discussions, business forums, sensitisation programmes and capacity-building initiatives.
Jideani said such cooperation could help businesses gain better market access while strengthening supply chains and improving the overall trading environment.
He described the Abuja International Trade Fair as a platform connecting businesses with investors, government agencies, financial institutions, diplomatic missions and development partners.
The Chamber also said sustained collaboration between the NPA and the private sector would be necessary to improve Nigeria’s participation in domestic, regional and international trade.
“We look forward to building an even stronger and more sustained partnership that will support businesses, facilitate trade, create opportunities, and contribute to the growth and competitiveness of the Nigerian economy.”
What exporters will be watching
The latest policy direction could make inland export infrastructure more important to businesses seeking to reach international markets.
However, the practical impact will depend on how efficiently the new arrangements work on the ground, including the availability of infrastructure, coordination among agencies, cargo handling, certification and customs processes.
For exporters, the central question will be whether bringing port functions closer to production centres translates into lower logistics pressures, faster processing and more predictable delivery to overseas buyers.
For the wider economy, the NPA sees the expansion of non-oil exports as a route to stronger foreign exchange inflows and a more diversified trade base.
Economy
JMG Links Nigeria’s Economic Growth to Reliable Infrastructure, Energy
Nigeria’s ability to translate its economic potential into sustained growth will depend heavily on the reliability of its infrastructure, energy systems and technical capacity, engineering solutions company JMG Limited has said.
The company made the assessment as Nigeria marks its 66th Independence anniversary, arguing that infrastructure should remain central to efforts to improve industrial productivity, support businesses and raise living standards.
Rather than viewing Independence Day solely as a moment for national celebration, JMG said the anniversary also provides an opportunity to consider the systems and investments required to support Nigeria’s long-term development.
Why infrastructure matters to Nigeria’s growth
JMG’s Chief Commercial Officer, Rabi Jammal, said reliable infrastructure would be critical to turning the country’s economic potential into sustainable progress.
“Independence gives us the freedom to determine the kind of country we want to build. That freedom also comes with the responsibility to invest in the infrastructure, skills and technologies that can transform Nigeria’s potential into lasting progress,” he said.
The company identified reliable electricity and supporting infrastructure as important to industrial output, business expansion and job creation.
For households and businesses, weaknesses in power supply and other essential infrastructure can increase operating costs and make it more difficult for enterprises to plan, expand and remain competitive.
Jammal said Nigeria’s growing demand for reliable and efficient energy could also create opportunities for the wider adoption of technologies aimed at improving energy security and operational efficiency.
Energy demand creates new pressure, opportunities
According to JMG, investments in energy technologies could help businesses reduce operational costs while improving efficiency and supporting more sustainable practices.
The company pointed to renewable energy solutions alongside conventional power and electrical infrastructure as part of the technologies that could respond to Nigeria’s changing energy requirements.
Jammal said the company’s work had evolved alongside the country’s infrastructure needs.
“Our focus remains on delivering solutions that help businesses operate efficiently and keep Nigeria moving.”
“For nearly three decades, JMG has remained committed to providing practical engineering solutions that support businesses and institutions across Nigeria. From power generation, electrical infrastructure, vertical transportation, cooling systems, compressed air technologies and renewable energy solutions, our focus remains on delivering solutions that help businesses operate efficiently and keep Nigeria moving,” he said.
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Infrastructure requires wider collaboration
JMG also stressed that infrastructure development cannot be addressed by businesses alone.
The company called for sustained collaboration among government, private-sector operators, professionals and citizens in developing, maintaining and protecting the systems that support economic activity.
That includes not only building new infrastructure but ensuring existing systems are properly maintained and efficiently operated.
For Nigeria, the challenge extends across several interconnected areas, including electricity, transportation, industrial facilities, cooling systems and other technical infrastructure required by businesses and public institutions.
What comes next
Jammal said JMG intended to continue contributing engineering expertise and technology as Nigeria responds to its infrastructure and energy challenges.
“As Nigeria looks ahead, we remain committed to playing our part in building the infrastructure, technical capacity and energy systems required to support a more productive and sustainable future,” he added.
The company said its experience spans power generation, electrical infrastructure, vertical transportation, cooling, compressed air and renewable energy solutions.
The statement was issued as Nigeria marked 66 years of independence, with JMG using the occasion to link the country’s next phase of development to the quality and reliability of the infrastructure supporting economic activity.
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