The Nigerian Government promised Nigerians a brighter future by implementing policies to revitalise the nation’s economy. Since assuming office last year, President Bola Ahmed Tinubu has introduced reforms intended to rejuvenate the economy and attract foreign investment.
Nevertheless, Nigerians have witnessed a sharp increase in fuel prices and a three-decade high in inflation following Tinubu’s removal of fuel subsidies and the floating of the naira currency.
During the 30th anniversary of the Nigerian Economic Summit in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, reassured Nigerians that despite the current hardships, there is light at the end of the tunnel.
“Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance.
“Our GDP has been enhanced from 2.98% growth in the first quarter of 2024 to 3.19% in quarter two of 2024; inflation is trending downwards while external reserves are improving.
“We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”
The minister stated that Nigeria’s external trade balance slightly improved in Q2 of 2024, indicating the effectiveness of the current administration’s reforms.
Bagudu conveyed optimism about the country‘s economy, stating that it is heading in the right direction, with decreased inflation and other positive economic indicators.
“What has been achieved is a result of boldness, resilience and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive and stable environment,” Bagudu stated.
He explained that the summit’s theme, ‘Collaborative action for growth, competitiveness and stability’, reflects the essential needs to maintain the country’s economic growth and progress.
Bagudu clarified that the government is continuously working to enhance the well-being of all Nigerians in accordance with the renewed hope agenda.