Tinubu focuses on jobs and industry growth for Nigeria's future

President Bola Tinubu has said his government will focus on jobs, businesses, and industrial growth in Nigeria's next economic plans.

He mentioned this shift from economic reforms to what he calls an "age of prosperity" in his Independence Day speech on Thursday. He pointed out that Nigeria needs to turn its large young population into a source of production instead of economic challenges.

"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.

Our responsibility is to ensure that this great demographic strength becomes an engine of production rather than a source of despair," the president said.

Tinubu's comments come after economic reforms his administration has put in place since 2023. These reforms include ending the petrol subsidy, changing the exchange rate, tighter monetary and fiscal measures, and steps to boost government revenue and investment.

Support for businesses

Mr Tinubu said the government will back businesses, revive industries, boost digital connectivity, and invest in skills that employers need.

He mentioned that Nigeria's gas resources will be used to power new industries. The government aims to help businesses that want to bring factories back to life in industrial areas.

"We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.

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," Mr Tinubu explained.

Digital investment

The president also promised better digital connectivity and investment in skills, infrastructure, and finance to help 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.

Mr Tinubu wants to see more goods made locally and more Nigerian companies competing abroad.

"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.

Access to credit

The president also talked about access to credit as part of the government’s plan to boost economic participation.

He mentioned that the Credit Corporation, CREDICORP, is giving consumer credit to help Nigerians buy vehicles, solar systems, digital devices, and other important items without needing to save 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," Mr Tinubu stated.

He said the government will continue to back businesses through infrastructure and finance, indicating that access to capital will be key in the new prosperity agenda.

Private-sector expansion

The president linked the growth of the private sector to job creation and increased local production. He said it is the government's duty to create conditions that help Nigerian businesses grow.

Mr Tinubu acknowledged that many Nigerians still struggle to meet basic needs and that these issues existed before he took office.

"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 attributed these struggles to years of low productivity, poor infrastructure, limited opportunities, and weak institutions. He promised continued support for vulnerable households.

The president emphasized that the long-term goal is not just to increase social assistance but to develop an economy that creates job 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.

Mr Tinubu stated that Nigeria has now set the stage for lasting prosperity. He called on Nigerians and businesses to join in the next chapter of economic growth.

"The age of reform has done its work. Now begins the age of prosperity," he said.