Sustainable economic transformation, inclusion lies in innovative policies – Bagudu


By Palma Ileye

Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu has stated that the pathways to sustainable economic transformation and inclusion in Nigeria lies in innovative policies, robust workable institutions, strategic investments in infrastructure, upskilling human capital, encouraging entrepreneurship and innovation as well as leveraging digital technology.

Bagudu stated this during the World Press Conference on the 29th Nigeria Economic Summit, NES#29, held at the Auditorium of the Federal Ministry of Finance Headquarters, in Abuja.

He said that the theme of the 29th Nigerian Economic Summit was Pathways to Sustainable Economic Transformation and Inclusion, adding that the theme was chosen to discuss the imperatives for transforming the nation’s economy while ensuring inclusivity.

He further stated that the discussions around the theme will be dimensioned across five sub-themes; namely, Stimulating Economic Growth; Mobilizing Finance for Sustainable Development; Harnessing Human Capital Development; Promoting National Cohesion and inclusion; and Reforming Public Institution, urging all critical stakeholders to actively participate to ensure the success of the summit.

He informed that the sub-themes will address relevant pillars in the National Development Plan 2021-2025, the Nigeria Agenda 2050, and the Renewed Hope Agenda, adding that the outcomes from the national dialogues will send a strong message on the avowed commitment of the current Administration for effective collaboration with the private sector in achieving a sustainable and inclusive economic transformation.

He pointed out that, “the main target of the Nigeria Agenda 2050 is to increase the country’s per capita GDP to US$6,000 and US$33,000 by 2030 and 2050 respectively.”

He noted that the agenda will also bring poverty rate to 0.6% and the unemployment rate to 6.3% and finally transit the economy to the highest per capita GDP in the Group of upper-middle-income economies.

The Minister further stated that the 29th Nigerian Economic Summit seeks to: Inspire confidence in the Nigerian economy to drive job creation, economic growth, and the realization of Nigeria’s economic potential; Collectively design and prioritize strategies to unlock untapped potentials, foster sustainable economic transformation, and promote shared prosperity for the nation and Cultivate a people and technology-centered approach to addressing emerging trends, shaping a future of inclusive and sustainable economic growth for Nigeria among others.

Earlier in his welcome address, the Permanent Secretary of Budget and Economic Planning, Mr. Nebeolisa Anako emphasized that the primary goal of the Ministry was to improve the economic growth of Nigerians.

He applauded the Media for their hard work in ensuring wide publicity for the 28 Nigeria’s economic summit in 2022, likewise, “we will look forward to #29NESG 2023 for full support and coverage.”

In his remarks earlier the Chairman of the Nigerian Economic Summit Group, Mr. Olaniyi Yusuf, said that Nigeria stands at a unique juncture to chart a course towards shared prosperity and overcome long-standing obstacles that have impeded our socio-economic progress.

He further stated that, “in the face of a rapidly changing global economic landscape and increasing inequalities, a strategy for sustained growth must ensure a form of industrialization that makes opportunities accessible to all people and broadly distributes income and non-income gains across society.”

He informed that the Nation has encountered various economic and political obstacles in recent years, underscoring the urgent need to redesign its systems and address structural issues, adding that one of the country’s pressing concerns was the need to translate economic growth into improved living standards for all its citizens.