President Bola Tinubu has declared that reducing the cost of living will be a major priority of his administration as Nigeria enters what he described as a new era of prosperity.
Tinubu made the declaration in his Independence Day address to Nigerians on Thursday, saying the government would focus on lowering the cost of producing and transporting the goods Nigerians consume.
‘Our priority is to bring down the cost of living,’ the President said, adding that ‘We will achieve this by lowering the cost of producing and moving the things Nigerians consume.’
He said the strategy would begin with increased investment in agriculture, particularly mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, greater mechanisation, as well as better storage and transportation.
According to him, the government is also building and completing roads, railways and ports to improve the connection between farms, factories and markets.
Tinubu said reducing costs at different stages of production and distribution would eventually translate into lower prices for consumers.
‘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,’ he said.
The President’s declaration places the cost of living at the centre of the administration’s next economic phase, after three years in which he said government had concentrated on correcting structural weaknesses in the economy.
Tinubu said prosperity must mean more than improvements in economic statistics, stressing that ordinary Nigerians should feel the benefits through more affordable food and transportation, reliable electricity, productive employment and greater economic opportunities.
He also linked lower living costs to increased domestic production, saying Nigeria has the land and human resources required to feed itself.
The President said his government would continue to invest in the agricultural and transportation infrastructure needed to reduce waste and improve the movement of goods from farms to markets.
Beyond agriculture, Tinubu identified the cost of electricity for manufacturers as another area where lower production costs could contribute to cheaper goods.
He said the government would use Nigeria’s gas resources to power new industries and support businesses seeking to revive factories in the country’s industrial centres.
The President also promised expanded digital connectivity, skills development and infrastructure and financing support for Nigerian businesses.
He said the broader objective was to create an economy in which Nigerians produce more, businesses become more competitive and the resulting efficiencies eventually benefit consumers.
Tinubu acknowledged that millions of Nigerians are still struggling with basic expenses, including food, school fees, medical bills and transportation.
He said those difficulties were the accumulated result of decades of low productivity, inadequate infrastructure and insufficient economic opportunities.
‘We cannot erase in four years what accumulated over generations. But we can change its course,’ he said.