‘Our priority is to bring down cost of living by making goods cheaper’ — Tinubu
President Bola Tinubu has said bringing down the cost of living remains the priority of his administration, with the government focusing on reducing the cost of producing and transporting goods consumed by Nigerians.
Tinubu stated this in his Independence Day broadcast to Nigerians on Thursday, saying the government would achieve the goal by boosting agricultural production, improving infrastructure and creating conditions that would reduce business costs.
He said Nigeria had the land and human resources needed to feed itself, adding that his administration was expanding mechanised irrigation and dry-season farming while improving access to seeds and fertiliser.
The President also said the government was investing in mechanisation, storage and transportation, as well as building and completing roads, railways and ports linking farms and factories to markets.
“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.
He explained that lower production and transportation costs would ultimately 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.
Tinubu, however, said reducing the cost of goods alone would not be enough to deliver prosperity, stressing the need to create productive jobs and expand economic opportunities.
“But prosperity requires more than cheaper goods. It requires productive work,” he said.
