Tinubu moves Nigeria from economic stability to shared prosperity – Bagudu

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said President Bola Tinubu will now focus on ensuring that Nigerians feel the benefits of the administration’s economic reforms, following the stabilization of the economy.

Bagudu was speaking at the closing of the 32nd Nigerian Economic Summit (NES#32) in Abuja, where he said tough reforms are needed to restore macroeconomic balance and attract investments needed for inclusive growth.

“The difficult reforms were necessary to stabilize the economy and attract the investments needed for sustainable development and inclusive growth. Now that we have achieved greater stability, the focus must be on ensuring that our people benefit,” he said.

The Minister said the President understood that the success of reforms should be measured by their impact on families, businesses and communities. He said the administration is working to ensure that growth creates productive jobs, expands investment opportunities and improves the well-being of citizens.

Bagudu said the National Development Plan 2026-2030 will align national priorities, policies, budgets and investment decisions towards building a diversified, productive and competitive economy, with the goal of a trillion-dollar economy by 2030.

He reaffirmed the ministry’s commitment to align budgetary resources with the plan and strengthen implementation monitoring so that policy decisions produce measurable results.

The minister identified agriculture and grassroots business development as the main drivers of growth, citing the agricultural census, which shows that at least 42 million Nigerian families are engaged in some form of agricultural activity.

He, however, noted that many farmers still lack access to quality seeds, inputs and improved practices. He called for stronger public-private partnerships, higher productivity and stronger national value chains, adding that public resources should be used strategically to reduce investment risk and attract private capital.

The incoming chair of the Nigerian Economic Summit Group, Omoboyede Olusanya, has announced five commitments, including an annual NESG accountability index, deeper research, greater engagement with subnational governments, improved project bankability and broader stakeholder participation.