The Minister of Budget and Economic Planning, Senator Atiku Bagudu, has stated that Chief Bola Tinubu’s Renewed Hope Agenda is positively impacting Nigeria’s economy.
Bagudu made this statement during the National Economic Dialogue 2024 in Abuja, organized by the Nigerian Economic Summit Group (NESG) under the theme, Nigeria’s Economic Future: 25 Years of Democracy and Beyond.
Bagudu acknowledged that Nigeria’s progress over the last 25 years has been limited but emphasised that the government’s current strategy is yielding results.
He said Nigeria had not achieved much in the last 25 years, adding: “But I just want to assure everyone that we have a strategy and it is working.
“We are under no illusion that it will involve choices that are tough. That is why at every turn, we are looking for resources that we believe can compensate for those tough choices”.
Bagudu said that Tinubu had created more ministries to help the economy grow.
“Whatever we are doing, we have taken the message that we need to do more.
“We need to do better, and we need to do it in a hurry. I believe the dialogue here will help us,” he noted.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that in 25 years of democracy, the country was still trying and must continue to try.
“Democracy may not be the only form in which to organise a society, but I think all of us agree that it is the best.
“And it’s always a work in progress, trying to improve our democracy. And, indeed, today’s dialogue is an effort in that direction.
“Overall, inflation has started coming down. And we are planning on maintaining that trajectory of downward iinflationary trend, and overall reduction in food inflation.
“More availability of food at affordable prices is the goal of the administration in the immediate term,” Edun stated.
The Chairman of the NESG, Mr Olaniyi Yusuf, said that over the past 25 years, Nigeria has experienced significant transformations politically, socially and economically.
“Our economy has evolved and we have made strides in various sectors such as telecommunications, agriculture, and services, reflecting our collective efforts to diversify our economy and create opportunities for millions of Nigerians.
“However, as we gather here today, we must also acknowledge the challenges that have persisted, particularly those stemming from policy inconsistencies, governance deficits, and economic vulnerabilities,” he added.
Yusuf said that businesses and entrepreneurs continue to suffer from the increasing cost of doing business, while citizens now suffer from rising costs of living.
He stated, “Poverty, unemployment, insecurity, and corruption are issues that continue to hinder our progress.
“The lessons we have learnt from these challenges are clear; sustainable economic growth requires more than just policy changes.
“It demands a concerted effort to address the underlying systemic issues that have held us back,” he added.
(NAN)
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