The Federal Government has assured Nigerians that brighter days are ahead as it works to implement policies aimed at revitalizing the economy.
Since assuming office last year, President Bola Ahmed Tinubu has rolled out significant reforms intended to boost the economy and attract foreign investments. However, these measures, which include the removal of the fuel subsidy and the floatation of the naira, have led to rising fuel prices and the highest inflation rates seen in 30 years.
At the 30th Nigerian Economic Summit in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, addressed concerns regarding the nation’s economic challenges, asserting that they are temporary. Bagudu remarked, “There is indeed light at the end of the tunnel,” referencing early signs of improvement as indicators of progress.
He noted, “These governance and institutional reforms have helped to improve our macro-economic performance. Our GDP grew from 2.98% in Q1 2024 to 3.19% in Q2 2024, inflation is trending downwards, and our external reserves are improving.”...Read Full Article [Click Here>]
Bagudu also highlighted a slight improvement in Nigeria’s external trade balance in Q2 2024, suggesting the success of the administration’s economic reforms.
Acknowledging the hardships faced by citizens, he expressed confidence that the economy is moving in the right direction, stressing the need for bold and collaborative efforts to overcome decades of under-investment. “We need more to ensure we deliver a collaborative, competitive, and stable environment,” he added.
With the summit themed “Collaborative Action for Growth, Competitiveness, and Stability,” Bagudu reiterated the government’s commitment to enhancing the lives of all Nigerians, in line with the administration’s renewed hope agenda. Despite current challenges, the government remains optimistic about the future of Nigeria’s economy.
