The Federal Government has reaffirmed its commitment to economic recovery, assuring Nigerians that brighter days are on the horizon.
Amidst rising concerns over economic hardship, the government insists that its reform policies will bear fruit, leading the nation to a more stable financial future.
Since assuming office last year, President Bola Ahmed Tinubu’s administration has enacted major reforms aimed at reviving the economy, including the removal of the fuel subsidy and the floatation of the naira.
These measures, while necessary for long-term growth, have led to higher fuel prices and inflation, which is now at its highest point in 30 years.
Speaking at the 30th Nigerian Economic Summit in Abuja, Minister of Budget and Economic Planning, Atiku Bagudu, acknowledged the nation’s struggles but assured citizens that the current economic challenges are temporary.
“There is indeed light at the end of the tunnel,” he said, highlighting early signs of economic progress.
According to Bagudu, Nigeria’s GDP grew from 2.98% in the first quarter of 2024 to 3.19% in the second quarter, and inflation is gradually declining.
Additionally, the country’s external reserves are showing signs of improvement, with a slight recovery in the trade balance during Q2 2024.
While acknowledging the difficulties faced by Nigerians, Bagudu stressed the need for continued collaboration and bold action to address long-standing under-investment.
“We must ensure a collaborative, competitive, and stable environment,” he urged.
With the theme of the summit being "Collaborative Action for Growth, Competitiveness, and Stability," the government reiterated its commitment to fostering an economy that benefits all Nigerians, in line with the administration’s renewed hope agenda.
Despite present challenges, officials remain optimistic about the nation’s economic future.