President Bola Tinubu yesterday said his government was rewriting Nigeria’s decades-long story of economic underperformance through far-reaching reforms designed to dismantle structural barriers, unlock the nation’s enormous potential, and deliver jobs, productivity, and shared prosperity.
Tinubu said rewriting the story of a nation that had performed below its potential for far too long was what the administration came into office to achieve:
The president spoke in Abuja while formally declaring open the 32nd Nigerian Economic Summit (NES#32), with the theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity.”
At the summit, Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, presented the Nigerian Economic Policy Framework, which he described as a national economic doctrine establishing how Nigeria made economic decisions and measured real progress.
Oyedele said the blueprint aimed at curbing arbitrary policy changes.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, ruled out a return to petrol subsidy, insisting that the Tinubu administration will sustain its economic reforms, despite mounting pressure on households and businesses.
Bagudu told the conference that reversing reforms would undermine efforts to address longstanding distortions.
Governor of Anambra State, Professor Chukwuma Charles Soludo, said lack of local patronage of Made-in-Nigeria products had robbed the country of 10 million potential jobs, adding that everyone has a role to play in boosting growth.
Soludo said the economy needed between seven and nine per cent annual growth rate to address multidimensional poverty.
Tinubu, who was represented by Vice President Kashim Shettima, stated that his government began on a difficult note because there was no shortcut to economic growth.
He stated, “Distinguished ladies and gentlemen, we came to rewrite the story of a nation that has performed below its potential for far too long. But there is no shortcut to economic growth. This is why we began with a difficult reset. For us, rescuing the economy means rescuing livelihoods and transforming the fortunes of young jobseekers, farmers, manufacturers, entrepreneurs and innovators.
“We cannot harness the immense opportunities offered by our growing population without first stabilising the economy. We must also create the conditions for the public and private sectors to invest, expand and generate productive employment.”
