President Bola Ahmed Tinubu has pledged to bring down transportation costs as part of his administration’s new economic focus, saying cheaper production and more efficient movement of goods will ultimately translate into lower prices for Nigerians.
Tinubu made the pledge on Thursday in his Independence Day address to mark Nigeria’s 66th anniversary, declaring that his administration had moved from the phase of economic reforms to what he described as an age of prosperity.
The President said reducing the cost of living would now be a major priority, with transportation costs forming a critical part of the strategy.
“Our priority is to bring down the cost of living. We will achieve this by lowering the cost of producing and moving the things Nigerians consume.”
Tinubu said the government was investing in roads, railways, ports, storage and transportation infrastructure to make it easier and cheaper to move agricultural produce and manufactured goods from production centres to markets.
He explained that lower transportation costs would have a ripple effect on the prices Nigerians pay for food and other essential commodities.
“When a truck reaches its destination faster… all those savings will ultimately find their way into the price of goods in the market.”
The President also acknowledged the continuing pressure on households, saying millions of Nigerians still struggle to afford basic necessities, including food, school fees, medical bills and the cost of getting to work.
He said the hardship facing many families was the accumulated result of decades of low productivity, inadequate infrastructure and limited economic opportunities.
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However, Tinubu said his administration’s objective was to change that trajectory by creating an economy capable of delivering more affordable goods and productive jobs.
He said the government would expand mechanised irrigation and dry-season farming, improve access to agricultural inputs, increase mechanisation and invest in storage and transportation.
The President also linked the transportation agenda to industrialisation, saying the government would use Nigeria’s gas resources to power industries while supporting businesses to revive factories.
The transport-cost push comes as the Federal Government’s National Affordable CNG Transit Programme targets lower fares through the deployment of compressed natural gas and electric-powered vehicles. Tinubu had previously said the government wanted more Nigerians to begin seeing measurable reductions in transportation costs from October 1.
In his Independence Day speech, however, the President framed the issue more broadly, arguing that reducing transportation costs must be part of a wider effort to lower the cost of producing and distributing goods.
He said the ultimate goal was to ensure that economic improvements were felt directly by ordinary Nigerians.
“I mean a Nigeria in which the farmer can cultivate his land safely, produce more at lower cost, and earn a decent return for his labour.”
Tinubu said the government’s next phase would focus on turning economic stability into “shared and widespread prosperity.”
