The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has assured that the government will create a favorable environment for investments in Nigeria, highlighting the importance of the private sector as the engine of growth.
During a press conference marking the commencement of the 30th Nigerian Economic Summit, the minister outlined the country’s economic struggles, underscoring the urgency for reforms and collaborative efforts to address the situation.
Senator Bagudu, who was represented by the Permanent Secretary in the ministry, Emeka Obi, emphasized that the 30th Nigerian Economic Summit aims to tackle Nigeria’s pressing economic challenges by focusing on collaborative action for growth, competitiveness, and stability.
He said the private sector would serve as the engine of economic growth, while the government would implement policies and regulations to promote a favorable business environment, aiming to achieve a high rate of investment and savings.
ALSO READ:Five times Tinubu’s govt has promised to kickstart Port Harcourt refinery
Senator Bagudu stated, “Investment is necessary to create jobs and achieve the projected USD 1 trillion economy, while addressing structural barriers that constrain vulnerable segments of society from realizing their potential.”
“In this context, the Summit will, among other things, set an economic policy agenda for stable and accelerated growth, underpinned by sustainable and inclusive development; deliberate on an actionable framework for transformative political leadership and effective governance to strengthen the Nigerian state’s capacity to deliver dividends of democracy; build consensus on the imperatives for transforming Nigeria’s human capital into national productive and innovative capacity, creating a secure, stable, and collective future for all; and identify pragmatic initiatives to challenge growth impediments by adopting a bottom-up approach to subnational competitiveness contributing to national economic growth and development.”
The theme of the 30th Nigerian Economic Summit, scheduled for October 14-16, 2024, is “Collaborative Action for Growth, Competitiveness, and Stability,” building on the conversations from the 29th Summit.
Mr. Niyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), in his welcome address, acknowledged that Nigeria is facing unprecedented economic challenges and social discontent, highlighting the urgency to rethink and redesign systems to address underlying structural issues.
According to him, one of Nigeria’s key concerns is translating economic growth into improved lives and livelihoods for all its citizens, as the country contends with significant security challenges exacerbated by the devastating effects of climate change, leading to humanitarian crises and the displacement of millions.
ALSO READ:Maiduguri flood, tragedy too many — NSCIA
Mr. Yusuf said, “These are indeed difficult times for our nation. Global instability, regional volatility, and national socioeconomic uncertainty demand that we take bold, decisive steps.”
“Despite these challenges, the potential of our country is clear. Around the world, the same question is being asked: Can Nigeria reach and exceed its potential? If so, how? And if not now, when? Though we face tough times, there are also incredible opportunities ahead.”
“The 30th Nigerian Economic Summit offers a platform for exploring these opportunities, and together, we can shape Nigeria’s future toward shared and sustainable prosperity.”
He added that in the next five years, Nigeria has the potential to become a leading industrializing nation in Africa.
