President Tinubu demands collaborative action to drive economic growth

…as Nigeria’s economy shows signs of recovery amid ongoing reforms

By Kunle Sanni

President Bola Tinubu has called for increased cooperation among government agencies, the private sector, and international partners to boost economic growth, enhance competitiveness, and maintain stability in Nigeria.

The President, represented by Vice President Shettima, addressed key economic challenges, detailing ongoing efforts to improve infrastructure, streamline regulations, and enhance the ease of doing business in Nigeria.

VP Shettima, who spoke during the 30th Nigerian Economic Summit organized by the Nigerian Economic Summit Group (NESG) and the Ministry of Budget and Economic Planning, Tinubu’s administration’s Renewed Hope Agenda was outlined as a plan designed to create an environment that fosters sustainable economic growth and shared prosperity.

His remarks come as emerging positive economic indicators suggest that recent reforms by the administration are beginning to yield results.

“As a nation, we must prioritize economic diversification,” Tinubu stated, reaffirming his administration’s commitment to focus on sectors that can offer inclusive and sustainable growth, such as 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. We are harmonizing regulatory processes to reduce the bureaucratic hurdles that have long stifled entrepreneurship and innovation,” he noted.

President Tinubu also highlighted recent economic measures, including the removal of the fuel subsidy and the unification of foreign exchange rates, as part of a broader strategy to stabilize the macroeconomic environment.

“These are all part of a broader effort to restore balance to the economy and ensure long-term stability,” he explained.

Addressing the critical issue of economic inclusivity, President Tinubu stated, “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.”

The President assured, “With the right policies, the right partnerships, and the right level of commitment, Nigeria can emerge stronger, more competitive, and more resilient than ever before.”

Earlier, Minister of Budget and Economic Planning, Atiku Bagudu, reiterated the effectiveness of recent government reforms, stating, “There is significant evidence that reforms and investments are working. These governance and institutional reforms have improved our macroeconomic performance. Our GDP has grown from 2.98 percent in the first quarter of 2024 to 3.19 percent in the second quarter of 2024, inflation is trending downwards, while external reserves are improving.”

The minister also appealed for public support, stating, “We seek the cooperation and understanding of the broad spectrum of the citizenry, as there is indeed light at the end of the tunnel.”

Senior Vice President and Chief Economist at the World Bank, Indermit Gill, emphasized Nigeria’s crucial role in the continent’s economic landscape, saying, “Given its size and significance, Africa goes where Nigeria goes. Africa rising simply translates to Nigeria rising.”

He cautioned about the impact of inflation on citizens, stressing the importance of maintaining recent policy changes. “The President’s key signature policies—the unification of multiple exchange rates and the elimination of the oil subsidy—need to be sustained,” he added.

In his welcome address, Chairman of the NESG, Niyi Yusuf, called for continued efforts to strengthen the economy. “The task before us is to forge decisive reforms that will drive us out of the economic challenges we face. Since COVID-19, our economy has shown resilience but remains fragile. We must take additional steps to ensure that gains in foreign direct investment (FDI) and foreign exchange markets are not reversed,” Yusuf stated.