Nigeria’s economy is experiencing significant growth driven by bold reforms, improved coordination, and a renewed focus on national priorities.
Abubakar Bagudu, minister of Budget and Economic Planning, disclosed this during an interview for an upcoming documentary to mark President Bola Tinubu’s second year in office.
He emphasized the positive outcomes of the administration’s Renewed Hope Agenda, stating that it has restored confidence both domestically and among international investors.
According to the Minister, the Tinubu administration has, within its first two years, reaffirmed the government’s commitment to economic reforms, making bold yet necessary decisions to confront the nation’s economic realities—decisions that are now beginning to yield tangible results.
He pointed to key indicators such as sustained GDP growth for four consecutive quarters, a more stable exchange rate, and renewed private sector confidence.
He added that both foreign and domestic investors have responded positively, especially in sectors such as agriculture, energy, and infrastructure—citing a surge in interest from countries like Brazil, Belarus, and Saudi Arabia in the agricultural sector.
The Minister also emphasised that the unification of the exchange rate and removal of fuel subsidies have contributed to a more equitable market environment. He said:
“We were losing five percent of our GDP on fuel subsidies—money going to just a few. Mr President took the courageous step to end it.
The foreign exchange reform removed uncertainty and favouritism. We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private sector confidence.”
While acknowledging the short-term hardship caused by the reforms, Bagudu urged Nigerians to see them as essential steps toward building a more prosperous nation.
