FG commits to economic growth policies, improved regulation

The Federal Government said the bold economic policies it is taking will deliver sustained growth and promote macroeconomic stability, social inclusion, productivity and competitiveness.

Minister of Budget and Economic Planning, Abubakar Bagudu said this in Abuja during a press conference ahead of the 30th Nigerian Economic Summit slated to be held in October, with the theme ‘Collaborative action for growth, competitiveness, and stability.’

Stating that sustained growth was key to eradicating poverty, he said the private sector is the engine of development of the economy. At the same time, the government would implement policies and regulations that promote a favourable business environment to achieve a high rate of investment and savings.

Represented by the Ministry’s Permanent Secretary, Dr Emeka Obi, Bagudu said that while the investment was necessary to create jobs and achieve the projected $1 trillion economy, structural barriers that constrained the vulnerable segment of the society from realising their potential must be addressed.

Noting that the summit was structured into three key thematic pillars of people, leadership and institutions, he stressed that it would form the foundation for the NES #30 Agenda, which is consistent with the eight priority areas of the current administration, the National Development Plan 2021-2025 and the Nigeria Agenda 2050.

According to him, the theme was carefully chosen to discuss priorities for addressing the current economic challenges, stabilising the economy and repositioning Nigeria on the regional and global stage, focusing on product complexity and competitiveness, to realise the country’s enormous potential.

Bagudu added that the confab would also focus on Nigeria’s leadership role in driving the continent’s transformation through institutions, investment, integration, industry and innovation.

Chairman of Nigerian Economic Summit Group (NESG), Niyi Yusuf, said the unprecedented economic challenges and social discontent the country is faced with underscores the urgency to rethink and redesign its systems to address underlying structural issues effectively.

He noted that one of the country’s pressing concerns was translating economic growth into improved lives and livelihoods of all its citizens.

He said Nigeria’s weak economic performance was reflected in declining living standards, with per capita income falling from $2,162.6 in 2022 to $1,645.76 in 2023.

He maintained that the rising cost of a healthy diet likely worsened the multidimensional poverty rate, which was 62.9 per cent in 2022, even as Nigeria also ranks low on the Human Capital Development Index (HCDI), with a score of 0.55, placing it 161st out of 191 countries.

He lamented that businesses and citizens are under massive pressure from rising costs, inflation and a struggling economy.

Citing statistics on challenges bedevilling the country amid insecurity and increased poverty rates, Yusuf said these are indeed difficult times for the nation, demanding the urgent need to take bold and decisive steps amid global instability, regional volatility and national socioeconomic uncertainty.

Ahead of the summit, which is organised in partnership with the Federal Ministry of Budget and Economic Planning, he said the collaborative action would lead to the transformative outcomes Nigeria needs to achieve economic stability, inclusive growth, and sustained competitiveness on the global stage.

He said: “It is only through collaborative action between government, business and civil society that we can unlock Nigeria’s vast potential.

“The 30th Nigerian Economic Summit offers a platform for exploring these opportunities, and together, we can shape Nigeria’s future toward shared and sustainable prosperity.

“In the next five years, Nigeria has the potential to become a leading industrialising nation in Africa. We can reform our political, policy, and regulatory systems, unlock local content development, foster sub-national economic diversification and create a globally competitive business environment. By doing so, we will improve the lives of millions of Nigerians, reduce poverty and increase foreign direct investment (FDI) inflows into the continent.”