Road to Recovery: Nigerian Government Assures of Better Days Ahead
In a bid to revamp the nation’s economy, the Federal Government of Nigeria has ushered in a new era of reforms aimed at attracting foreign investment and reviving the economy. The government, led by President Bola Ahmed Tinubu, has ended fuel subsides and floated the naira currency, leading to a surge in fuel prices and a three-decade high in inflation. However, despite the current hardship, the government remains optimistic about the future, assuring Nigerians that better days are ahead.
At the 30th anniversary of the Nigerian Economic Summit in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, emphasized that the government’s efforts to revamp the economy are yielding positive results. “Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance,” he said.
According to Bagudu, Nigeria’s GDP has grown from 2.98% in the first quarter of 2024 to 3.19% in the second quarter of the same year, with inflation trending downwards and external reserves improving. The minister attributed the country’s improved external trade balance to the efficacy of the current administration’s reforms.
Bagudu expressed confidence in the state of the nation’s economy, noting that it is facing the right direction with a decline in inflation among other economic indices. “What has been achieved is a result of boldness, resilience, and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive, and stable environment,” he stated.
The minister also stressed the importance of cooperation and understanding among all stakeholders, emphasizing that the government’s efforts are focused on improving the lives of all Nigerians in line with the renewed hope agenda. With such initiatives, the Nigerian government is working towards creating a collaborative, competitive, and stable environment that promotes economic growth and development.
