The Minister of Budget and Economic Planning, Abubakar Bagudu, says Nigeria’s economy is witnessing a significant turnaround, driven by reforms, improved coordination, and a renewed focus on national priorities.
The minister stated that the President Bola Tinubu administration’s “Renewed Hope Agenda” is working and winning over investors at home and abroad.
“This is two years well spent,” Bagudu said in a recent interview for an upcoming TV documentary marking Tinubu’s second anniversary.
“Mr President confronted Nigeria’s economic realities with bold and necessary choices – tough as they might be – and those measures are now yielding results,” he added.
Bagudu noted that the reform-driven economy has seen four consecutive quarters of GDP growth, exchange rate stability, and a resurgence in private sector confidence.
“We have seen four quarters of successive economic growth, stability in foreign exchange, and appreciation by Nigerians and the international community. Rating agencies have consistently appreciated what we are doing,” he said.
Bagudu added that foreign and domestic investors have responded positively to the government’s economic agenda, particularly agriculture, energy, and infrastructure.
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The minister stated: “This renewed interest stems from the administration’s commitment to credibility, transparency, and structural change.
“Investors want to see good policy – can I get paid back? Are the numbers credible? Is the environment transparent? That’s why they appreciate when they see quarterly GDP growth.
“For the first time in 25 years, Nigeria is refining oil. Mr President was courageous enough to allow crude sale in naira to our refiners. This is a testament to his belief in our economy.”
Bagudu emphasised Tinubu’s respect for the rule of law, even in managing inherited debt and Central Bank of Nigeria (CBN) financing.
“Mr President inherited N22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. That discipline is earning us credibility globally,” he added.
While acknowledging that the reforms may feel challenging in the short term, Bagudu likened the process to a necessary fitness regimen.
He said: “Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming.
“Mr President is saying: ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform, it’s a moral responsibility.”
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