President Bola Ahmed Tinubu has declared that reducing the cost of living will be a major priority of his administration as Nigeria moves into what he described as a new era of prosperity.
Tinubu made the declaration in his Independence Day address to Nigerians, saying the government would seek to lower the cost of goods by reducing the cost of producing and transporting them.
He stated, “Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume.”
He said the government was pursuing measures designed to increase agricultural production, improve transportation and reduce the costs faced by farmers and manufacturers.
According to him, Nigeria has the land and human resources required to feed itself, while government interventions would focus on expanding mechanised irrigation and dry-season farming.
He also listed improved access to seeds and fertiliser, greater mechanisation, storage facilities and transportation among the measures being pursued.
Tinubu said the government was also building and completing roads, railways and ports to improve connections between farms, factories and markets.
He explained that reducing production and distribution costs would ultimately help bring down the prices paid by consumers.
According to him, “When a farmer produces more cheaply, when fewer crops are lost between the farm and the market, when a manufacturer spends less on electricity, when a truck reaches its destination faster, and when the business environment fosters fair competition, all those savings will ultimately find their way into the price of goods in the market.”
The President said the objective was not limited to making goods cheaper, stressing that prosperity also required productive employment and opportunities for Nigerians to earn sustainable incomes.
He said his administration would therefore place jobs, enterprise and industrial growth at the centre of its policies.
Tinubu said the government would use Nigeria’s gas resources to power new industries, support businesses seeking to revive factories and expand digital connectivity to communities that had been left behind.
He also promised increased investment in skills demanded by employers and infrastructure and finance to enable Nigerian businesses to expand.
The President’s declaration comes amid his broader argument that Nigeria has moved beyond the emergency phase of its economic reforms and must now focus on ensuring that Nigerians experience the benefits of economic growth.
He said the ultimate objective was a Nigeria where farmers could produce more at lower cost, businesses could operate more efficiently and families could afford essential goods and services.
Tinubu acknowledged, however, that millions of Nigerians still struggle with basic needs, including food, school fees, medical bills and transportation.
He said the government’s responsibility was to change the economic direction of the country while providing support for vulnerable citizens during the transition.
