FG making progress in economic development

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The Minister of Budget and Economic Planning, Senator Atiku Bagudu, has highlighted the progress made by Nigeria under the Renewed Hope Agenda.

Also, he acknowledged that the country has faced significant challenges over the past 25 years, and emphasized that the current strategy is yielding positive results.

The Minister stated this in his keynote address, on Wednesday at the Nigerian Economic Summit Group’s (NESG) National Economic Dialogue 2024 in Abuja, which focus on the theme, “Nigeria’s Economic Future: 25 Years of Democracy and Beyond.”

The dialogue brought together key government officials, industry leaders, and stakeholders to discuss Nigeria’s economic trajectory and the impact of the Renewed Hope Agenda.

“Although we have not achieved all our goals, our population has grown, and we are not where we used to be. I want to assure everyone that we have a strategy in place, and it is working. We understand that tough choices are necessary, and we are seeking resources to offset their impact. Our message is clear: we need to do more, do better, and do it quickly,” said Senator Bagudu.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reflected on Nigeria’s democratic journey, stressing the importance of continued efforts to improve the nation’s economic stability.

He noted that inflation has begun to decrease and that the government is committed to maintaining this trajectory, particularly focusing on reducing food inflation to make food more affordable for all Nigerians.

“Democracy, while challenging, is the best form of governance for our nation, and it is always a work in progress. Today’s dialogue is part of our ongoing effort to enhance our democratic governance. We are making progress in controlling inflation, and our immediate goal is to ensure more affordable food for Nigerians,” Edun stated.

The Chief of Staff to the President, Femi Gbajabiamila, underscored the need for collective responsibility in shaping Nigeria’s future. He emphasized that while the government plays a crucial role, the future of the nation cannot be determined by the government alone.

“The responsibility of answering the hard questions that confront us today lies not only with the federal, state, and local governments but with every Nigerian. The future of our nation is a collective endeavor,” Gbajabiamila asserted.

NESG Chairman, Mr. Olaniyi Yusuf, provided a comprehensive overview of Nigeria’s progress over the past 25 years.

He acknowledged the significant political, social, and economic transformations that have occurred, including advancements in telecommunications, agriculture, and services. However, he also highlighted the ongoing challenges that continue to hinder the country’s development.

“Our democracy has matured, and our economy has evolved, reflecting our collective efforts to diversify and create opportunities for millions of Nigerians. However, we must also recognize the challenges we still face, such as policy inconsistencies, governance deficits, and economic vulnerabilities. These issues have contributed to the rising cost of living and doing business, and they must be addressed for us to achieve sustainable growth,” Yusuf noted.

Yusuf emphasised the importance of collaboration across all sectors of society to address the complex challenges facing Nigeria. He called for a united effort to foster innovation, support entrepreneurship, and attract investment, stressing that these initiatives are crucial for building a prosperous socio-economic future.

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