Politics

FG urges private sector to invest, have confidence in Nigeria’s economy

The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, emphasised that private sector investment and confidence in Nigeria’s economy, from both local and foreign stakeholders, are vital in addressing the country’s security challenges.

He made these remarks during the closing ceremony of the 29th Nigerian Economic Summit Group (NESG) in Abuja, noting the success of NES #29 and the commitment of the private sector to contribute more to the nation. This commitment, he believes, will pique the interest of foreign investors in the Nigerian economy.

Mr Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), stated that the report from the 29th session is still in progress, with its recommendations slated to be presented to the Minister of Budget and Economic Planning and subsequently to the Federal Executive Council, as directed by President Bola Tinubu.

Yusuf highlighted that the new administration has already acted upon some previous recommendations from NESG, such as the removal of the fuel subsidy, improving access to fertilizers and seed varieties for farmers, harmonizing foreign exchange rates, implementing the Petroleum Industry Act, and revising company regulations.

He encouraged Nigerians to focus on the positive accomplishments of the country, acknowledge existing challenges, and celebrate the successes achieved while actively working to address those challenges.

Yusuf also pointed out that one of the notable outcomes of NES #29 is the challenge posed by President Tinubu to generate ideas and solutions from the summit for government consideration. Furthermore, the Governors’ Forum intends to organize a similar summit at the subnational level. Yusuf revealed that NESG is actively working to meet the Governors’ Forum’s call for a summit for state governments while also planning another national summit.

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