Reform of key areas crucial for prosperity, asserts Minister

In a recent announcement, Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has outlined a series of economic reforms aimed at stabilising Nigeria's economy and ensuring prosperity for all.

Bagudu admitted that the removal of fuel subsidies and unification of the exchange rate have created short-term hardships, but he insists these are "tough but necessary decisions" to set the economy on a stable path. The minister also emphasised the importance of agriculture, stating that it remains a central focus in the government's economic strategy.

The minister also highlighted the Renewed Hope Ward Development Programme, a new initiative led by the federal government under President Bola Tinubu. This programme aims to support over 10 million economically active Nigerians across 8,809 wards nationwide, with a focus on grassroots economic empowerment and benefiting from ongoing economic reforms. Bagudu stressed that the programme guarantees inclusivity, ensuring no community is left behind in the quest for shared prosperity.

As part of the government's efforts to boost productivity and competitiveness, investments are being sustained in power, transport, and the digital economy. Inflationary pressures are beginning to ease as fiscal and monetary policies align in Nigeria.

The upcoming October summit, titled "The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030", will bring together government leaders, the private sector, and development partners to shape policies for inclusive growth. Discussions at the summit will focus on industrialisation, infrastructure, inclusion, strong institutions, and unlocking investment opportunities in global trade.

Bagudu expressed optimism that if Nigeria perseveres, it will transform the country and realise the dreams of its founding fathers, an egalitarian society and a prosperous nation. However, he urged Nigerians not to lose faith in the economic reform process, warning that reversing reforms could risk undoing hard-won progress.

The minister also emphasised the need for collaboration, stating that government cannot achieve economic prosperity alone and needs the private sector, development partners, and every Nigerian to play their part. In addition, social programs are being targeted at vulnerable populations to ensure no one is left behind in the quest for shared prosperity.

Nigeria is also moving beyond exporting raw commodities to creating value-added products. This shift, coupled with the focus on industrialisation and global trade opportunities, signals a new era of economic growth and development for the country. Reforms in revenue mobilisation, debt management, and public investment are improving confidence in Nigeria's economy, setting the stage for a prosperous future.