By Stella Odueme
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said President Bola Tinubu is shifting the focus of his administration's economic reforms from stabilising the economy to ensuring that Nigerians enjoy the benefits of growth.
Bagudu stated this at the 32nd Nigerian Economic Summit (NES#32), which ended on Tuesday in Abuja, noting that the difficult reforms undertaken by the administration were necessary to restore economic stability and attract investments.
He said the next phase must prioritise improving the living conditions of Nigerians by translating economic growth into productive jobs, expanded investment opportunities and better welfare for households and businesses.
According to the minister, President Tinubu recognises that the success of the reforms should be measured by their impact on ordinary Nigerians and their communities.
Bagudu identified the National Development Plan 2026–2030 as a major framework for aligning government policies, budgetary allocations and investment decisions towards building a diversified and competitive economy capable of achieving the $1 trillion economic target by 2030.
He reaffirmed the ministry's commitment to ensuring that budgetary resources reflect the plan's priorities, while strengthening monitoring mechanisms to track implementation and development outcomes.
The minister also identified agriculture and grassroots enterprise development as critical drivers of economic growth, citing agricultural census findings which indicate that at least 42 million Nigerian households engage in agricultural activities.
He, however, observed that many farming households still face challenges accessing quality seeds, essential inputs and improved farming techniques.
Bagudu called for stronger partnerships between government and the private sector to address these challenges, boost agricultural productivity and strengthen local value chains. He also advocated the strategic deployment of public resources to reduce investment risks and attract private capital into productive sectors.
He further identified the country's 8,809 wards as important platforms for identifying local economic opportunities and directing development interventions, urging federal, state and local governments to work together to unlock economic potential across communities.
On human capital development, the minister stressed the need to invest in foundational education, child nutrition and workforce development to prepare young Nigerians for emerging economic opportunities.
He also highlighted financing opportunities provided by the Bank of Industry, Bank of Agriculture and National Agricultural Development Fund to support productive enterprises.
Bagudu urged stakeholders to ensure that resolutions from the summit are incorporated into government policies, budgets and planning processes, with clearly defined responsibilities and measurable targets.
Meanwhile, the incoming Chairman of the Nigerian Economic Summit Group (NESG), Omoboyede Olusanya, announced five commitments aimed at strengthening the organisation's contribution to national economic development.
The commitments include introducing an annual NESG Accountability Index, deepening evidence-based research, expanding engagement with subnational governments, mobilising private-sector investment and broadening participation across economic sectors.
Olusanya said discussions at the summit had underscored the need to move from policy dialogue to practical implementation, adding that commercially viable projects were essential to attracting private investment and translating policy recommendations into tangible results.
He also called for sustained engagement between government and the private sector, noting that such collaboration had supported reforms in sectors including health, pensions, oil and gas, and taxation.
In her vote of thanks, the Permanent Secretary of the Federal Ministry of Budget and Economic Planning, Dr Deborah Odoh, said the real value of the summit would be determined by the implementation of its recommendations and the results delivered to Nigerians.
Odoh called for sustained collaboration among governments at all levels, private-sector operators, development partners and research institutions to address the country's socioeconomic challenges.
She commended President Tinubu, who was represented at the summit by Vice President Kashim Shettima, for supporting government-private sector partnerships aimed at developing sustainable solutions to Nigeria's development challenges.
The Permanent Secretary also emphasised the importance of credible data, research and evidence-based policymaking, urging private-sector stakeholders to sustain their engagement with government beyond the summit.
She said economic growth must translate into improved living conditions through job creation, stronger businesses, increased agricultural productivity, competitive manufacturing, improved infrastructure and better access to education, healthcare and nutrition.
Odoh maintained that the success of the summit would ultimately depend on the actions taken and results achieved rather than the quality of discussions alone.