Nigerian President Bola Ahmed Tinubu said on Wednesday that the country is beginning to overcome the worst cost-of-living crisis in a generation and defended his government’s tough economic reforms as “fundamental” to reviving the weakened national economy, as the country celebrates 65 years of independence.

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“I am pleased to report that the worst is behind us. The sacrifices are beginning to bring relief. Our economy is recovering: in the second quarter of 2025, GDP grew by 4.23%, inflation fell to 20.12% in August, and foreign reserves reached $42 billion, the highest level since 2019,” Tinubu stated in a speech marking the country’s 65th Independence Anniversary.

Tinubu defended his government’s sweeping reforms—most notably scrapping fuel subsidies and unifying exchange rates—measures that fueled inflation and public anger but which he argued were unavoidable to rescue Nigeria’s struggling economy.

He argued that Nigeria faced a choice between economic collapse and bold action, and that his administration opted for reform — a decision he says is now beginning to yield results less than three years later.

He called on state governments to work with Abuja in reshaping Africa’s largest economy from one driven by consumption to one rooted in production

Nigeria, home to over 230 million people and a leading oil producer, is pushing for renewed growth. Tinubu has set a target of 7% annual GDP expansion by 2027, aiming to lift millions out of poverty and quadruple the economy’s size by 2030.

Since taking power in May 2023, the president has devalued the naira and removed subsidies on fuel and electricity—policies that unleashed the worst cost-of-living crisis in decades but, he maintains, are laying the groundwork for recovery.

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