Tuesday, October 14, 2024 - The Federal Government has reassured Nigerians of brighter days ahead as it continues to implement policies aimed at revamping the country’s economy.
Since taking office last year, President Bola Ahmed Tinubu has
introduced major reforms designed to revive the economy and attract foreign
investments. However, these changes, including the removal of the fuel subsidy
and the floatation of the naira, have resulted in rising fuel prices and the
highest inflation rates in 30 years.
During the 30th Nigerian Economic Summit held in Abuja, Minister
of Budget and Economic Planning, Atiku Bagudu, addressed the nation’s concerns,
affirming that the current economic challenges are temporary. Bagudu stated,
“There is indeed light at the end of the tunnel,” pointing to early signs of
improvement as evidence 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.
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