President Bola Ahmed Tinubu on Friday expressed optimism that Nigeria would emerge stronger, fairer, more united, and prosperous despite the economic and social challenges confronting the country.

Speaking in a nationwide address to mark the third anniversary of his administration, the President said the difficult reforms introduced since May 2023 were necessary to rescue the nation from fiscal collapse and place it on the path of long-term recovery and sustainable growth.

President Tinubu acknowledged the hardship Nigerians had endured following the removal of fuel subsidy, exchange-rate reforms, and other economic adjustment policies, but insisted that the sacrifices being made by citizens would ultimately yield positive results.

According to him, history has shown that great nations often pass through difficult periods before attaining lasting stability, growth, and prosperity.

“History tests nations before it elevates them. Nigeria is passing through such a test. But I believe with all my heart that we shall emerge stronger, fairer, more united, and more prosperous than ever before,” the President stated.

He said when his administration assumed office three years ago, Nigeria faced severe fiscal and structural challenges, including mounting debt-servicing costs, unsustainable fuel subsidies, declining revenues, foreign exchange distortions, insecurity, energy shortages, and weakening public confidence in institutions.

Tinubu disclosed that at the peak of the subsidy regime, Nigeria spent as much as N18.4 billion daily on petrol subsidy, amounting to more than N4 trillion in 2022 alone.

He also revealed that multiple exchange-rate windows and forex arbitrage cost the country over N8 trillion within three years through speculative activities and rent-seeking practices.

“The situation demanded urgent and courageous action. Difficult but necessary decisions had to be taken to stabilise the economy and prevent a deeper national crisis.

“Had we refused to act, our nation would have drifted toward fiscal breakdown, worsening poverty, and severe economic uncertainty. Together, we chose reform over ruin and decisiveness over hesitation,” he said.

The President maintained that although the reforms initially triggered a sharp rise in the cost of living and placed pressure on households and businesses, the economy had now stabilised and was showing visible signs of recovery.

“I remain deeply conscious of those sacrifices, and I assure you: your sacrifices have not been in vain. Today, I can say with confidence that Nigeria has stabilised and is moving forward again,” he stated.

Tinubu said the economy was now more competitive and better positioned for sustainable growth, adding that public finances had improved significantly while investor confidence was gradually returning.

He noted that states and local governments now had greater resources to fund development projects and social programmes.

Highlighting economic gains recorded under his administration, the President pointed to the performance of the Nigerian stock market, which he said rose from an All Share Index of 53,000 and market capitalisation of N30 trillion in 2023 to 250,000 and N160 trillion respectively in 2026.

He also listed ongoing infrastructure projects across the country, saying over 2,700 kilometres of highways and major roads were currently under construction, reconstruction, or rehabilitation nationwide.

Among the projects he mentioned were the Lagos-Calabar Coastal Highway, Sokoto-Badagry Super Highway, Abuja-Kaduna-Zaria-Kano Road, East-West Road, and several rural access roads aimed at boosting connectivity, trade, and economic activities.

According to Tinubu, rail modernisation projects were equally progressing to strengthen logistics and economic integration across the federation.

In the oil and gas sector, the President said reforms introduced by his administration had attracted billions of dollars in fresh investments from international oil companies that had previously shunned Nigeria.

He added that the $5 billion NLNG Train 7 project was nearing completion and would boost Nigeria’s LNG production capacity, exports, and revenue generation.

Tinubu further noted that improved local refining capacity and the growth of modular refineries were helping Nigeria reduce dependence on imported petroleum products while conserving foreign exchange.

On the power sector, the President said his administration was addressing longstanding challenges of debt, weak infrastructure, and underinvestment through expansion of transmission infrastructure, investment in renewable energy, and efforts to strengthen the national grid.

“No modern economy can grow in darkness. When power improves, businesses expand, industries grow, jobs are created, and families prosper,” he said.

On agriculture, Tinubu disclosed that government interventions had supported millions of farmers through improved seedlings, fertilisers, mechanisation, irrigation, and expanded access to finance and markets.

He said the administration was also opening new agricultural corridors to strengthen food supply chains, create jobs, and reduce pressure on household incomes.

The President highlighted progress in education, revealing that the Nigerian Education Loan Fund had provided access to higher education for over 1.5 million students, with more than N282 billion already disbursed.

He also stated that the Renewed Hope Housing Programme and initiatives of the Federal Housing Authority were delivering over 10,000 housing units across 14 states and the FCT while generating more than 300,000 jobs.

Tinubu said thousands of primary healthcare centres were currently being revitalised nationwide as part of efforts to expand healthcare access and insurance coverage for vulnerable Nigerians.

On telecommunications and digital infrastructure, the President said his administration had taken steps to restore investor confidence in the sector, leading to network expansion, increased infrastructure investment, and wider digital access across the country.

“A connected Nigeria is a more competitive Nigeria. Digital infrastructure is now essential to commerce, education, innovation, and national productivity,” he said.

Addressing Nigerian youths, Tinubu said the government remained committed to expanding opportunities in technology, manufacturing, agriculture, sports, entrepreneurship, and the creative industry.

“To our young people, I want you to know this nation believes in you. You are not a problem to be managed. You are the engine of Nigeria’s future,” he declared.

On security, the President said the Armed Forces and security agencies had intensified operations against terrorists, bandits, kidnappers, oil thieves, and other criminal networks across the country.

While acknowledging that security challenges persisted in some parts of the country, he said many communities and highways were becoming safer and more economically active.

Tinubu assured Nigerians that his administration would continue investing in intelligence, logistics, surveillance technology, and inter-agency coordination to strengthen national security.

“This government will not relent until every Nigerian can live, work, travel, and dream in safety,” he assured.

The President further stated that his administration remained focused on ensuring that the benefits of ongoing reforms translated into improved living conditions for ordinary Nigerians.

According to him, efforts were ongoing to sustain declining food prices, reduce transportation costs through the adoption of CNG and electric vehicles, and create more opportunities for decent jobs and enterprise growth.

Tinubu called on Nigerians to remain united, hopeful, and committed to nation-building, stressing that national renewal required discipline, resilience, sacrifice, and collective purpose.

“We must choose hope over despair, unity over division, and nation-building over narrow interests,” he said.

The President also assured the international community and investors that Nigeria remained committed to democratic stability, economic reform, responsible governance, and mutually beneficial partnerships.

He urged citizens not to lose faith in the country, expressing confidence that Nigeria would emerge from its present challenges stronger and more prosperous.

“Let us continue this journey together. Let us build a Nigeria that is secure, prosperous, inclusive, and respected worldwide. Let us continue to believe in the promise of our nation,” President Tinubu added.