…demands collaborative action to drive economic growth
President Bola Tinubu has said that Nigeria must prioritise economic diversification to move forward, reaffirming his administration’s commitment to focus on sectors that can offer inclusive and sustainable growth, such as agriculture, manufacturing, and the digital economy.
He, therefore, called for increased cooperation among government agencies, the private sector and international partners to boost economic growth, enhance competitiveness, and maintain stability in the country.
This is coming on the heels of emerging positive economic indicators, suggesting that recent reforms by the administration are beginning to yield results.
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, President Tinubu outlined his administration’s Renewed Hope Agenda, designed to create an environment that fosters sustainable economic growth and shared prosperity.
The president, who was represented by Vice President Kashim Shettima, addressed key economic challenges, detailing ongoing efforts to improve infrastructure, streamline regulations, and enhance the ease of doing business in Nigeria.
“We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity.
“We are harmonising regulatory processes to reduce the bureaucratic hurdles that have long stifled entrepreneurship and innovation,” the president noted.
President Tinubu 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,” he explained.
Addressing the critical issue of economic inclusivity, President Tinubu said, “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.”
The president assured that “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.”
Earlier, Minister of Budget and Economic Planning, Atiku Bagudu, reiterated the effectiveness of recent government reforms, stating that “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,” he added.
The minister also appealed for public support, saying, “We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”
Also, Senior Vice President and Chief Economist at the World Bank, Indermit Gill, emphasised Nigeria’s crucial role in the continent’s economic landscape.
Gill said, “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, even as he said, “The President’s key signature policies – the unification of multiple exchange rates and elimination of oil subsidy – need to be sustained.”
In his welcome address, Chairman of the NESG, Niyi Yusuf, called for continued efforts to strengthen the economy.
“The task before us is to forge decisive reforms that will drive us out of the economic challenges facing us. Since COVID-19, our economy has shown resilience but still fragile. We must take additional steps to make sure that gains in FDI and foreign exchange markets are not reversed,” Yusuf stated.
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