Nigeria's president says 'worst is over' on independence day amid worsening hardship

On Nigeria's 65th Independence Day, President Bola Tinubu assured citizens that the country's most difficult phase is behind it, declaring that "the worst is over." He said this during a national broadcast marking the anniversary of Nigeria's independence.

Economic Context

Since assuming office, the Tinubu administration has implemented major reforms — including the removal of fuel subsidies and the unification of multiple foreign exchange rates — to stabilize and restructure the economy. Though these measures initially caused disruptions, the president said they have begun to yield positive results.

Signs of Progress

President Tinubu highlighted several indicators reflecting an improving economic outlook:

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  GDP Growth: The Nigerian economy recorded 4.23% growth in the second quarter of 2025, the fastest in four years.

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  Inflation: Inflation dropped to 2012% in August, the lowest level in three years.

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  Trade Surplus: Nigeria achieved five consecutive quarters of trade surpluses, showing a stronger external balance.

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  Oil Production: Output rose to 1.68 million barrels per day, supported by improved security in the Niger Delta and investment in energy infrastructure.

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  Foreign Reserves: Reserves reached $42.03 billion, the highest level since 2019.

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  Social Investment: About ₦330 billion has been distributed to 8 million vulnerable households under the National Social Investment Program.

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  Infrastructure Development: The government continues to expand major infrastructure projects in rail, roads, ports, and airports to drive national growth.

Forward Outlook

The president reaffirmed his commitment to policies that strengthen Nigeria's economy, promote local production, and ensure sustainable development. He emphasized that the government's reforms are designed to secure long-term stability and create opportunities for all citizens. In his words, "We made difficult decisions to secure our future. The seeds of those reforms are now bearing fruit. Together, we are moving Nigeria toward greater prosperity."