Abuja: The Nigerian government has expressed its unwavering commitment to fostering sustainable inclusive economic growth, enhancing macroeconomic predictability, and improving the welfare of citizens. The Minister of Budget and National Planning, Senator Abubakar Bagudu, provided this assurance at the 31st Nigerian Economic Summit in Abuja, themed: The Reform Imperative: Building A Prosperous And Inclusive Nigeria By 2030.
According to Voice of Nigeria, Senator Bagudu stated that the economic reforms and policy initiatives being implemented by the government are designed to address structural weaknesses, enhance productivity, and position Nigeria for long-term prosperity. He noted that the results of the past two years have instilled confidence, acknowledging the short-term hardships faced by the populace but remaining optimistic about the long-term benefits of these policies. Stabilization of the exchange rate, declining inflationary pressures, and improvements in fiscal management are already setting the stage for growth.
The Minister emphasized the role of the private sector as a partner in economic development, highlighting that it now drives the economy and serves as an engine of growth. He pointed out that this is reflected in various Development Plans and Policies, including the National Development Plan 2021-2025, which allocates 86% of the total investment size to the private sector.
Senator Bagudu further highlighted the current administration’s efforts in implementing bold and courageous reforms aimed at stabilizing the economy, enhancing fiscal space, and addressing insecurity. These reforms are part of the Renewed Hope Agenda and the government’s 8-Priority Areas. He acknowledged the short-term challenges these reforms pose to households and businesses but reiterated the government’s determination to confront and address them.
The government is focused on ensuring stable policies, consistent regulations, and an improved business environment to boost investor confidence and reduce uncertainty. Efforts are underway to streamline regulatory frameworks, eliminate bureaucratic bottlenecks, and create a more predictable environment for investment. Economic interventions, such as the Four Tax Reforms Acts, are strategically aimed at strengthening revenue mobilization for sustainable growth.
Nigeria’s revenue diversification strategy includes boosting non-oil revenue, supporting the manufacturing sector, and driving digital transformation. Public infrastructure and investment initiatives are in progress in the transport, power, and digital economy sectors to enhance productivity. Additionally, targeted programs are being implemented to support vulnerable populations, improve education and healthcare, and develop essential skills. Enhancing agricultural growth and productivity is a priority, supported by institutional realignments such as the creation and funding of the livestock ministry and recognizing fisheries as part of the Blue and Maritime potential.
The Summit is an annual event organized by the Federal Ministry of Budget and Economic Planning in collaboration with the Nigerian Economic Summit Group (NESG).