Turnaround in battered Nigerian economy
President Bola T
inubu’s administration has halted the nation’s economic decline and repositioned it for stability, growth and development, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said.
The minister spoke yesterday at the close of the 30th National Economic Summit organised by the Federal Ministry of Budget and Economic Planning and the Nigerian Economic Summit Group and said despite the storm, calm was already setting in.
“The economy is moving in the right direction, and the decline has been arrested,” Bagudu told reporters after he closed the Summit on behalf of Vice-President Kashim Shettima.
The minister said the arrest came from governance and institutional reforms, which helped improve the nation’s macroeconomic performance.
He said, “Our overall GDP has been enhanced from 2.98% in Q1 2024 to 3.19% in Q2 2024, compared to 2.31% in Q1 2023 and 2.51% in Q2 2023. Inflation is trending downwards from 33.40% in July 2024 to 32.15% in August 2024.
Our external reserves are $39.07 billion as of September 19, 2024. Our external trade balance improved to N6,945.4 billion in the second quarter of 2024. These are testaments to the efficacy of the government reform agenda.”
He explained that to reposition the economy, the administration had to introduce some reform measures, including removing petrol subsidies and harmonising forex rates. However, he regretted the short pains on the populace.
These reforms come with temporary hardships, but we are confident they are necessary for the growth and development of our dear country,” Bagudu said.
Therefore, he sought the citizenry’s cooperation and understanding, saying that light was at the end of the tunnel.
He said the administration was determined to stay the course and deepen its implementation of the Revised National Development Plan by incorporating its Renewed Hope priorities, adding that it had reinvigorated its vision and determination to change the country’s development trajectory,
Bagudu stated, “Our aspiration to attain the desired objective for Nigeria’s development necessitated our revision of the National Development Plan, 2021-2025. This plan addresses the challenging dynamics of the macroeconomy and incorporates the 8-Priority Areas and the Renewed Hope Agenda of this Administration.
“In addition, the Revised NDP 2021 – 2025, which incorporates the Renewed Hope priorities, is unique in that it focuses on strategic sectors that will spur growth in the short to medium term. It also addresses the current macroeconomic instability, particularly the exchange rate, inflation, and unemployment, and aims to achieve sustainable economic growth and development.
