Bagudu: Tinubu’s reforms fueling economic recovery, investor confidence
By Kunle Sanni
Nigeria’s economy is on a steady path to recovery, buoyed by President Bola Ahmed Tinubu’s economic reforms, according to the Minister of Budget and Economic Planning, Abubakar Bagudu.
Speaking in a special feature interview for an upcoming TV documentary marking the President’s second year in office, Bagudu said the administration’s “Renewed Hope Agenda” is driving investor confidence and delivering visible growth.
“This is two years well spent,” the Minister declared, adding that reforms introduced since 2023 are now yielding concrete results. “Mr. President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now yielding results.”
Bagudu highlighted that Nigeria has recorded four consecutive quarters of GDP growth, along with a more stable exchange rate and increased private sector engagement.
“We’ve seen a resurgence in private investment, particularly in agriculture, energy, and infrastructure,” he noted, citing growing interest from investors in Brazil, Belarus, and Saudi Arabia.
According to Bagudu, this renewed confidence stems from the government’s emphasis on transparency, credibility, and structural transformation. “Investors want to see good policy and accountability. That’s what we’re providing,” he said.
He pointed to major policy decisions—such as ending fuel subsidies and unifying the foreign exchange market—as pivotal in restoring fiscal balance and market trust. “The foreign exchange reform has created a fair and transparent market. We’ve gone from uncertainty to clarity,” Bagudu said.
The Minister also referenced Nigeria’s ongoing efforts to refine crude oil locally, calling it a milestone not seen in 25 years. He credited President Tinubu for permitting naira-based crude sales to domestic refiners, describing it as a strong show of confidence in the Nigerian economy.
On budgeting, Bagudu said the 2024 and 2025 fiscal plans reflect a balance between discipline and strategic spending. “We’ve reduced the deficit significantly and increased funding for health, education, infrastructure, security, and technology,” he said.
He also commended the President’s respect for institutional independence, particularly in managing the ₦22.7 trillion Central Bank Ways and Means debt inherited from previous administrations. “That discipline is earning us global credibility,” he added.
Bagudu attributed much of the progress to coordinated governance led by President Tinubu and the Economic Management Team. “This is not just government-to-government coordination. The private sector is actively involved in our reform efforts,” he said.
