President Bola Ahmed Tinubu has called for increased cooperation among government agencies, private sector and international partners to boost economic growth, enhance competitiveness and maintain stability in the Nigeria.
Speaking on Monday during the 30th Nigerian Economic Summit organised by the Nigerian Economic Summit Group (NESG) and the Ministry of Budget and Economic Planning, the president emerging economic indicators suggest that administration’s reforms were beginning to yield results.
The president, who was represented by Vice President Kashim Shettima, said the administration’s Renewed Hope Agenda was designed to create an environment that fosters sustainable economic growth and shared prosperity.
The president reaffirmed his administration’s commitment to focus on sectors that can offer inclusive and sustainable growth, such as agriculture, manufacturing and the digital economy, stressing that “as a nation, we must prioritise economic diversification.”
“We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity.
“We are harmonizing regulatory processes to reduce the bureaucratic hurdles that have long stifled entrepreneurship and innovation,” the president said.
The president also highlighted recent economic measures, including the removal of fuel subsidy and the unification of foreign exchange rates, as part of a broader strategy to stabilise the macroeconomic environment.
“These are all part of a broader effort to restore balance to the economy and ensure long-term stability.
“Our competitiveness is not just about improving our standing on global indices. It is about ensuring that the Nigerian economy is inclusive—where small and medium-sized enterprises can thrive alongside large corporations, and where every citizen, regardless of location or background, can benefit from economic opportunities.
“With the right policies, the right partnerships, and the right level of commitment, Nigeria can emerge stronger, more competitive, and more resilient than ever before,” he said.
Also speaking, the Minister of Budget and Economic Planning Mr Abubakar Atiku Bagudu reiterated the effectiveness of recent government reforms, saying “there 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 per cent growth in first quarter of 2024 to 3.19% in quarter two of 2024, inflation is trending downwards while external reserves are improving.”
The minister also appealed for support, cooperation and understanding of the broad spectrum of the citizenry saying, “there is indeed light at the end of the tunnel.”
The Senior Vice President and Chief Economist at the World Bank, Indermit Gill, emphasised Nigeria’s crucial role in the continent’s economic landscape.
“Given the size and significance, Africa goes where Nigeria goes. Africa rising simply translates to Nigeria rising.”
He, however, cautioned about the impact of inflation on citizens, stressing the importance of maintaining recent policy changes.
“The President’s key signature policies – the unification of multiple exchange rates and elimination of oil subsidy – need to be sustained,” he said.
