Minister of Budget and Economic Planning Abubakar Bagudu says President Bola Tinubu’s ongoing economic reforms are progressing well and have the unusual outcome of strengthening political consensus in the country.
Mr Bagudu said this during a meeting with officials from the Agence Française de Développement (AFD) Microeconomic Risk Analysis Due Diligence Mission in Abuja on Wednesday.
He said that under Mr Tinubu’s leadership, the nation’s federal system has been strengthened through better coordination among the federating units and effective management of the National Economic Council, responsible for guiding the country’s economic growth.
“The reforms have improved cooperation between the executive and legislative arms of government.
“The National Assembly has been very supportive of the president’s bold economic initiatives. Of equal importance is the friendly relationship among the federal, state, and local governments,” the minister said.
He said the macroeconomic reforms implemented over the past two and a half years have begun to show tangible results, including improved macroeconomic stability, investor confidence, and an unusual yet notable increase in political cohesion across the federation.
The minister said that despite regional political instability and the challenging timing of reforms, Nigeria has remained committed to implementing bold economic measures.
He said that the growing political consensus around these reforms has helped stabilise the exchange rate, maintain investor confidence, and reduce the usual pre-election uncertainty often associated with emerging markets.
Mr Bagudu reiterated the president’s economic vision, which aims to develop a $1 trillion economy within the next five years, driven by inclusive and decentralised growth.
He said the heart of this vision is the Renewed Hope Ward Development Plan, a grassroots-driven initiative designed to map the country’s economic potential across its 8,809 wards, gather priorities from the local level up to the national stage, and promote a fairer distribution of growth and federal resources.
The minister said that under this framework, each ward’s economic potential, including agriculture, skills, resources, and industry, is being mapped.
Mr Bagudu said the development planning would originate at the ward level, feed into state development plans, and ultimately shape the national development plan.
He said that agriculture, local production, and value chains would be prioritised to promote job creation, food security, and household income growth.
Mr Bagudu reiterated the government’s commitment to private-sector-led growth, with reforms aimed at making the country more attractive to both local and foreign investors, despite challenges related to revenue generation, high interest rates, and global economic pressures.
He also acknowledged the short-term difficulties and pains of the reforms but said they were necessary, critical, and irreversible for the country’s long-term stability and sustainable growth.
The AFD mission, led by Jacky Amprou, said AFD was not focused on a single project but on a comprehensive review of Nigeria’s macroeconomic and structural reforms.
He said the agency was updating its country risk and economic assessment, a regulatory requirement that would guide future engagements and financing decisions.
Mr Amprou acknowledged that significant reforms have been implemented since 2022, resulting in notable changes to the country’s economic landscape.
He said that the mission aims to deepen understanding of the government’s plans to consolidate reforms, sustain economic growth, and accelerate national development.
Also speaking, the ministry’s permanent secretary, Deborah Odoh, welcomed the AFD delegation and other development partners, stressing the importance of strategic alignment with Nigeria’s 2026–2030 National Development Plan.
She reiterated Nigeria’s stance as an attractive destination for economic growth and expressed appreciation for ongoing international partnerships, adding that the government expects all development support to align with national priorities.
(NAN)