Abuja, Nigeria – The Federal Government has announced plans to invest $100 billion annually to address the pressing economic challenges facing the country. This was revealed by the Minister of Budget and Economic Planning, Atiku Bagudu, during the National Economic Dialogue 2024, organized by the Nigerian Economic Summit Group (NESG) in Abuja on Wednesday.
The dialogue, which brought together leaders, policymakers, experts, and key stakeholders under the theme “Nigeria’s Economic Future: 25 Years of Democracy and Beyond,” served as a platform to reflect on Nigeria’s economic journey since the return to democratic rule in 1999.
In his address, Bagudu highlighted the Federal Government’s commitment to rewriting the economic narrative of the country over the next 25 years. He acknowledged that the current economic challenges are a result of years of under-investment but assured that the present administration is determined to make the necessary changes.
“We want a nation that includes all. We want a higher per capita by the year 2050. We want to ensure that we invest not less than $100bn annually,” Bagudu stated. He emphasized the importance of mobilizing both private and public capital to support these ambitions, despite the difficulties in making the necessary, often challenging, decisions.
Bagudu also reflected on the impact of the recent nationwide protests against bad governance, noting that they have forced government officials to listen more and improve their approach to governance. He highlighted the need for honesty in addressing the nation’s economic situation, pointing out that past policies, such as the oil subsidies, have hindered growth rather than supported it.
“We have been living a lie… President Bola Tinubu said let’s begin to tell ourselves the truth that we are not as rich as we think we are,” Bagudu remarked, referencing the ongoing efforts to address the nation’s financial realities and the need for strategic investments.
The dialogue also featured remarks from the Chief of Staff to the President, Femi Gbajabiamila, who acknowledged the socio-economic challenges threatening Nigeria’s unity but expressed optimism about the opportunities to overcome them. “At this moment, we are sailed on all sides by various socio-economic challenges that threaten the very existence of our national union,” Gbajabiamila said. He called for stronger collaboration between the government and the private sector to navigate these challenges.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, added that while the country has made strides over the past 25 years, more efforts are needed to stay on the path of growth and prosperity. He noted that inflation has begun to decline and assured that the government is focused on maintaining this downward trend, particularly in food prices.
“Democracy… is always a work in progress, trying to improve our democracy,” Edun said, emphasizing the administration’s commitment to economic stability and growth.
The Chairman of NESG, Olaniyi Yusuf, also spoke at the event, noting that Nigeria has undergone significant transformations politically, socially, and economically over the past quarter-century. However, he stressed the need to eliminate policy inconsistency to achieve better economic outcomes.
As Nigeria charts its course for the future, the government’s ambitious investment plans and commitment to honest, strategic reforms will be key to overcoming the challenges and achieving sustainable growth.