Kehinde Fajobi
President Bola Tinubu has called for greater collaboration between government agencies, the private sector, and international partners to spur economic growth, enhance competitiveness, and maintain stability in Nigeria. Speaking at the 30th Nigerian Economic Summit in Abuja on Monday, Tinubu, represented by Vice President Kashim Shettima, said Nigeria could “emerge stronger, more competitive, and more resilient than ever before” with the right policies and partnerships.
Unveiling his administration’s Renewed Hope Agenda, Tinubu outlined plans to create an environment for sustainable economic growth and shared prosperity. His comments, relayed through a statement by the Senior Special Assistant to the Vice President on Media and Communication, Stanley Nkwocha, emphasised the need for economic diversification, focusing on agriculture, manufacturing, and the digital economy.
“We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity,” Tinubu noted, adding that ongoing efforts are being made to streamline regulations and ease business processes.
Recent reforms, including the removal of fuel subsidies and unification of foreign exchange rates, were described as crucial to stabilising the economy and ensuring long-term stability.
The President also highlighted the importance of economic inclusivity, saying, “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, reinforced the effectiveness of recent government reforms, pointing to improving macroeconomic indicators. “Our GDP has been enhanced from 2.98 per cent growth in the first quarter of 2024 to 3.19 per cent in quarter two of 2024, inflation is trending downwards, while external reserves are improving,” Bagudu said. He urged public support, insisting that “there is indeed light at the end of the tunnel.”
Senior Vice President and Chief Economist at the World Bank, Indermit Gill, emphasised Nigeria’s importance in Africa’s economic future. “Africa goes where Nigeria goes. Africa rising simply translates to Nigeria rising,” Gill stated, while cautioning about the ongoing impact of inflation on citizens. He stressed the need to sustain key reforms such as the unification of exchange rates and the removal of oil subsidies.
In his welcome address, Chairman of the Nigerian Economic Summit Group (NESG), Niyi Yusuf, called for decisive reforms to strengthen the economy. “We must take additional steps to make sure that gains in FDI and foreign exchange markets are not reversed,” Yusuf said.