Abuja:President Bola Tinubu has announced a comprehensive strategy to reduce living costs, boost employment opportunities, and enhance social protection as part of Nigeria’s new economic development phase.
According to News Agency of Nigeria, President Tinubu outlined his administration’s shift in focus from economic stabilization to achieving shared prosperity during a nationwide broadcast marking Nigeria’s 66th independence anniversary.
The President detailed plans to lower living expenses by reducing production and transportation costs, along with expanding agricultural productivity and industrial growth. Initiatives include mechanized irrigation, dry-season farming, improved access to seeds and fertilizers, and better storage facilities.
Tinubu emphasized investments in infrastructure, such as roads, railways, and ports, to enhance connectivity between farms, factories, and markets. He also highlighted efforts to promote industrialization, digital connectivity, access to finance, and skills development
to boost employment.
Utilizing Nigeria’s gas resources to power industries and support the revival of factories in industrial centers is a key component of the plan. The President acknowledged ongoing challenges related to food, education, healthcare, and transportation costs, attributing these to historical low productivity and inadequate infrastructure.
To address these issues, the government will enhance direct assistance to vulnerable households through the National Social Register and support low-income families via the Nigerian Education Loan Fund, CREDICORP, and investments in primary healthcare and education.
Tinubu assured that salaries and pensions have been paid promptly since 2023, with reforms underway to improve the national pension program for the benefit of retirees and vulnerable Nigerians. He stressed that the ultimate goal is to eradicate poverty through sustained economic growth and job creation.
In concluding, President Tinubu called on Nigerians to unite and strive towards a more pro
sperous nation, marking the transition from an age of reform to an age of prosperity.