Economy: There Is Light At The End Of The Tunnel, FG Assures Nigerians

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Monday, October 14th, 2024

(AFRICAN EXAMINER) – The Federal Government has assured Nigerians of better days ahead as it enacts policies aimed at revamping the nation’s economy.

After coming to power last year, President Bola Ahmed Tinubu brought in reforms billed as a way to revive the economy and attract foreign investment.

However, Nigerians have seen fuel prices soar and inflation hit a three-decade high since Tinubu ended a fuel subsidy and floated the naira currency.

Speaking at the 30th anniversary of the Nigerian Economic Summit in Abuja, the Minister of Budget and Economic Planning, Atiku Bagudu, assured Nigerians that despite the hardship in the land, there would be light at the end of the tunnel.

“Those are significant pieces of evidence that reforms and investments are working. These governance and institutional reforms have helped to improve our macro-economic performance.

“Our GDP has been enhanced from 2.98 per cent growth in first quarter of 2024 to 3.19% in quarter two of 2024, inflation is trending downwards while external reserves are improving.

“We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel.”

According to the minister, Nigeria’s external trade balance improved slightly in Q2 of 2024 which shows the efficacy of the reforms of the current administration.

Bagudu expressed confidence at the state of the nation’s economy, explaining that it is facing the right direction with decline in inflation among other economic indices.

“What has been achieved is a result of boldness, resilience and collaboration. We need more to compensate for the decades of under-investment and to ensure that we deliver a collaborative, competitive and stable environment,” he stated.

He explained that the summit’s theme, ‘Collaborative action for growth, competitiveness and stability’ reflects the critical imperatives required to sustain the nation’s economic growth and development.

Bagudu explained that the government is making consistent efforts to improve the lives of all Nigerians in line with the renewed hope agenda.