The Federal Government has assured Nigerians that better days are on the horizon as it continues to pursue policies aimed at revitalizing the economy.
Since assuming office last year, President Bola Ahmed Tinubu has implemented significant reforms to rejuvenate the economy and attract foreign investments. However, these measures, such as eliminating the fuel subsidy and floating the naira, have led to increased fuel prices and the highest inflation rates seen in 30 years.
At the 30th Nigerian Economic Summit in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, addressed the nation's worries, emphasizing that the current economic difficulties are temporary.
He stated, "There is indeed light at the end of the tunnel," highlighting early signs of improvement as indicators of progress.
"These governance and institutional reforms have helped
to improve our macro-economic performance,' Bagudu
noted. "Our GDP grew from 2.98% in Q1 2024 to 3.19% in
Q2 2024, inflation is trending downwards, and our external
reserves are improving."
He further explained that Nigeria's external trade balance
improved slightly in Q2 2024, signalling the effectiveness
of the administration's economic reforms.
Bagudu acknowledged the difficulties citizens are facing
but expressed confidence that the economy is on the right
path, highlighting the importance of bold and
collaborative efforts to address decades of
under-investment. "We need more to ensure we deliver a
collaborative, competitive, and stable environment," he
added.
With the summit's theme, "Collaborative Action for
Growth, Competitiveness, and Stability" Bagudu
emphasized the government's commitment to improving
the lives of all Nigerians, in line with the administration's
renewed hope agenda. Despite the current hardships, the
government remains optimistic about Nigeria's economic
future