Reforms: FG assures Nigerians of economic prosperity

From Isaac Anumihe, Abuja

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said that the economic reforms are necessary, promising that President Bola Tinubu will focus on ensuring that they benefit the people.

“The difficult reforms were necessary to stabilise the economy and attract the investment required for sustainable development and inclusive growth. Now that we have achieved greater stability, the focus must be on ensuring our people feel the benefits,” the minister told participants at the 32nd Nigerian Economic Summit (NES#32).

He explained that the president understands that the success of the reforms must be measured by their impact on households, businesses and communities, and noted that he is working assiduously to ensure that economic growth generates productive employment, expands investment opportunities and improves Nigerians’ welfare.

The minister stated that the National Development Plan 2026–2030 provides a framework for aligning national priorities, public policies, budgetary resources and investment decisions to build a diversified, productive and competitive economy, with the ambition of achieving a $1 trillion economy by 2030.

He reaffirmed the ministry’s commitment to aligning budgetary resources with the plan’s priorities and to strengthening implementation monitoring to ensure that policy decisions translate into measurable development outcomes.

Bagudu identified agriculture and grassroots enterprise development as major opportunities to accelerate economic growth, citing findings from the agricultural census that at least 42 million Nigerian households are engaged in some form of agricultural activity.

He observed that many farming households remain constrained by limited access to quality seeds, essential inputs and improved farming practices, despite their significant contribution to the economy.

He called for stronger public-private partnerships to address these constraints, improve agricultural productivity and strengthen domestic value chains. He also advocated the strategic use of public resources to reduce investment risk and attract private capital to productive sectors.

The minister highlighted Nigeria’s 8,809 wards as key units for identifying local economic opportunities and directing development interventions to communities, stressing that federal, state and local governments must work collaboratively to unlock the country’s productive potential.

He further emphasised the importance of foundational skills, child nutrition and workforce development in preparing young Nigerians for emerging economic opportunities. He urged the government, the private sector and development partners to intensify collaboration on human capital development, while highlighting financing and investment-support initiatives through the Bank of Industry (BOI), the Bank of Agriculture and the National Agricultural Development Fund as mechanisms to support productive enterprises.

In a statement, Bagudu also urged stakeholders to ensure that the recommendations from NES#32 inform government planning, budgeting and policy processes, with clear priorities, defined responsibilities and measurable outcomes.

Earlier, the incoming chairman of the Nigerian Economic Summit Group (NESG), Omoboyede Olusanya, announced five commitments to strengthen the organisation’s contribution to Nigeria’s economic development, with greater emphasis on accountability, research, investment mobilisation and broader stakeholder participation.

The commitments include publishing an annual NESG Accountability Index to track promises and progress; deepening evidence-based research to inform policy recommendations; expanding engagement with subnational governments; working with private-sector stakeholders to improve project bankability and mobilise investment; and broadening participation across sectors and economic players.

The incoming chairman said the summit’s discussions had reinforced the need to move beyond dialogue to execution, while acknowledging that the benefits of economic reforms take time to materialise and that the immediate pressures faced by citizens must also be addressed.

He noted that sustained dialogue between government and the private sector had contributed to reforms across several sectors, including health, pensions, oil and gas, and taxation. He maintained that continued engagement was necessary to address national challenges and to sustain progress.

He also stressed that without commercially viable projects capable of attracting private investment, policy frameworks and summit recommendations would struggle to translate into tangible economic outcomes. He, therefore, urged stakeholders to return for subsequent editions of the summit and to hold the NESG accountable for its commitments.

In the vote of thanks delivered on behalf of the Federal Ministry of Budget and Economic Planning and the NESG, the Permanent Secretary, Dr Deborah Odoh, emphasised that the summit’s ultimate value lies in implementing its recommendations and delivering results to Nigerians.

She emphasised the importance of sustained collaboration among federal and state governments, the private sector, development partners, research institutions and other stakeholders to address the country’s socioeconomic challenges.

She also commended Tinubu, represented at the summit by the Vice President, Kashim Shettima, for his continued support for collaboration between government and the private sector to develop practical and sustainable solutions to Nigeria’s development challenges.

The permanent secretary emphasised the importance of credible data, research and evidence-based policymaking, and acknowledged the contributions of academics, economists, researchers, relevant government agencies and technical institutions to the summit’s deliberations.

She urged private-sector partners to sustain their engagement with the government beyond the summit and to contribute to advancing the objectives of “Work Nigeria, Produce Nigeria, Invest Nigeria, Skill Nigeria and Secure Nigeria”.

She further stressed that economic growth must translate into tangible improvements in people’s lives through job creation, stronger enterprises, higher agricultural productivity, competitive manufacturing, critical infrastructure, and improved access to education, healthcare and nutrition.

“The success of this summit will ultimately be measured not by the quality of our discussions alone, but by the actions we take and the results we achieve,” she said.

The permanent secretary commended the leadership of the NESG, the Joint Planning Committee, government officials, sponsors, development partners, media organisations and other participants for their contributions to the successful organisation of the 32nd Summit. She also urged the media to continue informing the public about progress in implementing the commitments.

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