President Bola Tinubu has declared that Nigeria is moving from a period of major economic reforms into what he described as an “age of prosperity”, with jobs, enterprise, industrial growth and wider digital connectivity expected to play a central role in the next phase of his administration.
Tinubu made the declaration on Thursday, October 1, 2026, during a nationwide broadcast marking Nigeria’s 66th Independence anniversary, themed ‘From Reforms to Prosperity.’
From reform to growth
Tinubu compared the state of the Nigerian economy his administration inherited in 2023 to a cancer patient faced with the choice of undergoing painful treatment or relying on morphine to temporarily suppress the symptoms.
He argued that his administration chose the more difficult path of implementing reforms intended to address structural weaknesses in the economy, despite the immediate costs imposed on households and businesses.
As part of efforts to cushion some of those pressures, the President highlighted interventions targeted at education and household financing. He said the Nigerian Education Loan Fund is helping students from low-income families access higher education without being prevented by their parents’ inability to pay tuition.
He also pointed to CREDICORP, which provides consumer credit to working Nigerians to finance vehicles, solar systems, digital devices and other essential assets without requiring them to save the full cost upfront.
Tinubu, however, said the government now wants to move beyond economic stabilisation towards what he described as “shared and widespread prosperity”, with greater emphasis on productive employment, access to credit, lower living costs and stronger support for Nigerian businesses.
“The age of reform has done its work. Now begins the age of prosperity. An age in which the promise of this great nation must finally become the lived experience of Nigerians from all walks of life.”
Digital economy and enterprise take centre stage
Technology, entrepreneurship and industrial expansion feature prominently in the government’s proposed next phase.
“We are therefore placing jobs, enterprise, and industrial growth at the heart of our government’s policies.”
Tinubu said the government plans to expand digital connectivity into communities that have remained outside the modern digital economy, while investing in skills that employers increasingly demand.
He also said Nigerian businesses would receive infrastructure and financing support to help them grow, alongside plans to use the country’s gas resources to power new industries and revive production in major industrial centres.
The focus on digital infrastructure comes as Nigeria’s technology and communications sector continues to account for a significant share of economic activity.
Nigeria’s economy expanded by 4.43% year-on-year in the second quarter of 2026, up from 3.89% in the first quarter and representing the country’s fastest quarterly GDP growth in five years.
On September 1, TechMedia Africa reported that telecommunications and information services generated ₦5.20 trillion in real GDP during the second quarter of 2026, accounting for 9.72% of Nigeria’s total real GDP. The sector also expanded by 10.38% year-on-year.
Other parts of the information and communication industry also contributed significantly to economic output. Figures from the National Bureau of Statistics showed that broadcasting generated ₦762.29 billion in real output during the quarter, while motion pictures, sound recording and music production contributed ₦305.60 billion.
Publishing generated another ₦8.55 billion, bringing the combined real GDP contribution of the three industries to about ₦1.08 trillion.
The sector’s expansion is occurring alongside growing access to internet-enabled devices. Smartphone penetration in Nigeria has risen to 75 percent, from 64 percent in 2023, as more users migrate away from feature phones.
The increase in smartphone adoption has also coincided with a sharp rise in internet usage. Recent industry data showed that Nigeria’s internet data consumption surged by about 170 percent in three years, reaching a record 1.66 million terabytes in July 2026, even as the number of active mobile lines declined.
The trend reflects a shift in Nigeria’s telecommunications market from growth driven primarily by subscriber numbers to one increasingly shaped by heavier data consumption, smartphones and digital services.
For Nigeria’s technology ecosystem, further expansion of digital connectivity could widen access to digital payments, e-commerce, remote work, online education and technology-enabled services, particularly in communities where infrastructure gaps still limit participation in the digital economy.
“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,” Tinubu said.
The President also placed young Nigerians at the centre of the country’s growth ambitions, linking the next phase of economic expansion to entrepreneurship, innovation and job creation.
“I want young Nigerians building unicorns and creating opportunities for others here at home.”
