President Bola Tinubu has emphasized the strategic importance of recent economic measures, particularly the removal of fuel subsidies and the unification of foreign exchange rates, as part of a broader effort to stabilize Nigeria's macroeconomic environment.
Speaking at the 30th Nigerian Economic Summit, organized by the Nigerian Economic Summit Group (NESG) and the Ministry of Budget and Economic Planning, Tinubu, represented by Vice President Kashim Shettima, highlighted the need for increased cooperation among government agencies, the private sector, and international partners to boost economic growth and maintain stability.
Tinubu outlined his administration’s "Renewed Hope Agenda," which aims to create an environment fostering sustainable economic growth and shared prosperity. He stressed the importance of economic diversification, focusing on sectors such as agriculture, manufacturing, and the digital economy.
Efforts are underway to improve infrastructure, streamline regulations, and enhance the ease of doing business in Nigeria. The President noted, “We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity.”
Addressing economic inclusivity, Tinubu stated, “Our competitiveness is not just about improving our standing on global indices. It is about ensuring that the Nigerian economy is inclusive—where small and medium-sized enterprises can thrive alongside large corporations, and where every citizen, regardless of location or background, can benefit from economic opportunities.”
Minister of Budget and Economic Planning, Atiku Bagudu, supported these reforms, noting improvements in macro-economic performance, with GDP growth rising from 2.98% in the first quarter of 2024 to 3.19% in the second quarter, alongside downward-trending inflation and improving external reserves.
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