Nigeria’s Minister of Budget and Economic Planning, Alhaji Abubakar Bagudu, says that the Nigerian economy is undergoing a turnaround, driven by bold reforms, improved coordination and a renewed focus on national priorities.
Reviewing the achievements of his ministry and the government in two years, Bagudu said that the government’s “Renewed Hope Agenda” was effectively restoring investor confidence both locally and internationally.
“This is two years well spent,” Bagudu stated, emphasising the government’s commitment to ongoing economic reforms.
“Mr President confronted Nigeria’s economic realities with bold and necessary choices, tough as they might be, and those measures are now yielding results,” the minister said in a statement..
According to the minister, the reform-driven economy has seen four consecutive quarters of GDP growth, stability in the exchange rate, and a resurgence in private sector confidence.
“We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing,” local media reports quoted the minister as saying.
Bagudu added that foreign and domestic investors have responded positively to the government’s economic agenda, particularly in sectors like agriculture, energy, and infrastructure.
“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy,” he added.
He attributed this renewed interest to the administration’s focus on credibility, transparency, and structural change, stressing that investors are keen on policies that ensure good returns,” Bagudu noted.
In the oil sector, Bagudu emphasised that Nigeria is refining oil for the first time in 25 years. “Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy,” he said.
He described the removal of fuel subsidies and the unification of the foreign exchange market as transformative decisions that have restored fiscal sanity. “We were losing five per cent of our GDP on fuel subsidy money going to just a few. Mr President took the courageous step to end it,” Bagudu added.
GIK/APA