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Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has reaffirmed the central role of the private sector in driving the nation’s economy, even as the government pursues wide-ranging reforms under President Bola Tinubu’s administration.
Speaking at the opening of the 31st Nigerian Economic Summit(NESG) in Abuja on Monday, Bagudu said Nigeria’s development plans were deliberately designed to place private enterprise at the core of national growth.
“The Agenda 2020, which was approved in the year 2020, as well as the first of the six development plans that was anticipated, which is the 2021–2025, made the private sector the key driver of the economy,” he said.
“It assigned as much as 86% of the plan size to the private sector. And this is not surprising, because even Chapter 2 of our Constitution, which carries the economic objectives of the country, has placed pride in a private sector-led economy.”
Bagudu noted that since May 2023, the government has been implementing “bold, courageous reforms aimed at reforming the economy, enhancing productivity, enhancing fiscal space, and addressing insecurity,” as part of the Renewed Hope Agenda and its eight priority areas.
“These measures were crucial to abating the fiscal crisis and laying the foundation for long-term inclusive economic growth and development,” he said, acknowledging that the ongoing reforms have brought “short-term challenges for households as well as some businesses.”
He added, however, that the administration remains determined to “stay the course and ensure that the challenges that hinder the achievement of our manifest destiny are confronted and addressed.”
The summit, themed “Building Trust for a Shared Prosperity,” brings together government officials, private sector leaders, and development partners to explore pathways for sustainable economic recovery.
