Tinubu's economic reforms fuel growth, renew investor confidence - Bagudu
Nigeria’s economy is on a promising rebound, thanks to bold reforms spearheaded by President Bola Ahmed Tinubu’s administration, according to minister of budget and economic planning, Atiku Bagudu.
In a wide-ranging interview for an upcoming television documentary marking President Tinubu’s second year in office, Bagudu described the period as “two years well spent,” marked by growth, stability, and a growing wave of investor optimism, both at home and abroad.
“Mr. President confronted Nigeria’s economic realities with bold and necessary choices—tough as they might be—and those measures are now yielding results,” the minister stated.
In a statement issued on Wednesday by special adviser to the president on information and strategy, Bayo Onanuga, Bagudu cited four consecutive quarters of economic growth, stability in the foreign exchange market, and renewed private sector confidence as evidence of a reform agenda that is taking hold.
“We have seen investors from Brazil, Belarus, and Saudi Arabia increasingly entering our agricultural space. The world economic community and multilateral institutions are putting more faith in our economy,” he said.
According to the Minister, key to this turnaround has been the administration’s firm commitment to transparency, policy credibility, and structural reform, elements he described as essential for rebuilding trust in Nigeria’s economic direction.
“For the first time in 25 years, Nigeria is refining oil,” he noted, highlighting President Tinubu’s decision to allow domestic crude oil sales in naira to local refiners as a bold step toward energy independence and economic nationalism.
He also lauded the removal of the costly fuel subsidy regime and the unification of the foreign exchange market as landmark reforms that restored fiscal discipline and market confidence.
“We were losing 5% of our GDP on fuel subsidy, money going to just a few. Mr. President took the courageous step to end it”, he said.
The minister emphasised that the foreign exchange reforms had ended long-standing distortions and favouritism in the system.
“We now have a fair market—willing buyer, willing seller—which has generated revenue growth and boosted private sector confidence,” he added.
On the fiscal front, Bagudu said the 2024 and 2025 budgets reflect a deliberate balance between prudent spending and strategic investments in critical sectors such as health, education, infrastructure, security, and technology.
“The 2024 budget achieved significant deficit reduction, and more importantly, it showed that we are serious—and the markets believed us,” he said.
Bagudu credited the success of the reforms to the coordination and leadership of President Tinubu, who chairs both the Presidential Economic Coordination Council and the Economic Management Team.
He praised the collaborative efforts of the economic team, particularly the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, in maintaining policy coherence and focus.
“This is teamwork. The President is the chief coordinator. He understands the global economic context, and the private sector respects him,” Bagudu said.
He also commended President Tinubu’s respect for legal and institutional frameworks, especially in managing inherited debts and Central Bank financing.
“Mr. President inherited ₦22.7 trillion in Ways and Means financing, but he insisted on respecting the Central Bank’s independence. That discipline is earning us credibility globally,” Bagudu stated.
While acknowledging that some of the reforms may be uncomfortable in the short term, Bagudu likened the economic process to a rigorous but beneficial fitness journey.
“Our economy is like a body going to the gym. It might feel painful now, but the muscles of progress are forming,” he said.
He concluded with a strong endorsement of President Tinubu’s leadership and vision, characterizing the reform drive not just as an economic necessity but a moral duty.
“Mr President is saying, ‘I’m ready to take the pain so our children and grandchildren will inherit a more prosperous Nigeria.’ This isn’t just economic reform—it’s a moral responsibility.”
The interview forms part of a larger documentary project highlighting the Tinubu administration’s achievements as it approaches the midpoint of its first term, with a focus on economic recovery, institutional reforms, and investor engagement.
