Senator Abubakar Bagudu, Nigeria’s Minister for Budget and Economic Planning, has expressed his appreciation for the African Development Bank’s (AFDB) generous support to the nation. Despite the significant demand on the bank from many countries, Senator Bagudu commended the AFDB for considering Nigeria for intervention programs.
The Minister conveyed his commendation during a visit to his office by Mr. Jacob Oduor, the Chief Country Economist of the African Development Bank. He revealed that Nigeria is currently undergoing a task reform process with an ambitious target of an 18% GDP ratio by 2026, surpassing the previous national development plan.
Senator Bagudu explained that the national development plan reflects Nigeria’s vision for the country’s future by 2050. He mentioned that the President is actively involved in driving investment and engaging with the private sector, both domestically and internationally.
The Minister outlined the various roles of the Ministry in improving the nation’s economy, including the Macro Economic department’s collaboration with development partners to implement measures for higher growth. He also highlighted that the Ministry serves as the secretariat of the National Economic Council, which facilitates cooperation between the Federal and State governments, and is responsible for joint planning between sub-national and federal sectors, as well as specific issues like social protection policy.
Additionally, Senator Bagudu emphasized the importance of the Ministry’s nutrition policy, which will play a significant role in the 2024 budget at both the federal and sub-national levels.
During the visit, Mr. Oduor explained that the purpose was to gather insights from the Ministry on recent economic developments. Topics of discussion included maintaining fiscal sustainability through revenue mobilization, economic policy challenges in 2022/2023, medium-term policy plans and government priorities, spending and investment plans, fiscal medium-term expenditure framework, developments and budget implementation.
Mr. Oduor highlighted that the AFDB has designed an economic reform support program for the Federal Government of Nigeria spanning from 2023 to 2024. The program aims to establish a foundation for comprehensive implementation of macroeconomic policies and structural reforms to safeguard the gains from ongoing reform efforts.
The AFDB’s support for Nigeria has been instrumental in advancing the nation’s economic goals, and Senator Bagudu commended the bank for its contributions. The ongoing collaboration between the Ministry for Budget and Economic Planning and the AFDB is crucial in steering Nigeria towards sustainable economic growth and development.
