By Abubakar Yunusa
The Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, expressed Nigeria’s ability to unlock its vast economic potential, attract foreign investments, and equip its youth with the skills and resources required to leverage the opportunities of the digital era.
Bagudu stated at this at the world press conference held ahead of the 29th National Economic Summit (NES#29) with the theme “Pathways to Sustainable Economic Transformation and Inclusion”in Abuja yesterday.
Speaking on this theme, Bagudu emphasized the importance of discussing the imperative steps to transform the nation’s economy while ensuring inclusivity and improving the quality of life for its citizens.
Bagudu stated that the 29th Nigerian Economic Summit aims to inspire confidence in the Nigerian economy, drive job creation, foster economic growth, and realize Nigeria’s economic potential.
Accordimg to him,”the pathways to sustainable economic transformation and inclusion in Nigeria involve innovative policies, robust and effective institutions, strategic investments in infrastructure, upskilling of our human capital, promotion of entrepreneurship and innovation, and leveraging digital technology.
“there’s a need to collectively design and prioritize strategies to unlock untapped potential, promote sustainable economic transformation, and foster shared prosperity for the nation.
Additionally, he stressed the importance of adopting a people and technology-centered approach to address emerging trends and shape a future of inclusive and sustainable economic growth for Nigeria.
Furthermore, Bagudu highlighted the need to facilitate the implementation of reforms that promote investor confidence, attract Foreign Direct Investment (FDI), and provide incentives for private sector participation in economic and social development.
He also called for discussions and actions to attract capital to support sustainable economic development initiatives.
In his welcome remarks, Mr. Olaniyi Yusuf, the Chairman of the Nigerian Economic Summit Group, emphasized that with a predominantly young population and a high debt burden, Nigeria must chart a trajectory that ensures inter-generational and sustainable growth in 2023.
The NESG aims to focus on enhancing the role of entrepreneurship, skills, and innovation, as well as sub-national and local governments, as drivers of economic growth and development.
One of Nigeria’s pressing concerns is the need to translate economic growth into improved living standards for all its citizens. Despite experiencing growth at an average rate over the past years, the country grapples with rising unemployment, income disparity, and multidimensional poverty.
Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9% of the population, equivalent to 133 million people, live in multidimensional poverty, threatening the development of a vibrant middle class.
Nigeria’s youthful population presents a tremendous opportunity for accelerating national development through entrepreneurship and innovation. With a large pool of creative and ambitious young minds, the country has the potential to foster a vibrant start-up ecosystem and drive economic growth.
By leveraging technology and innovation, these creative minds can introduce disruptive solutions, create jobs, and contribute to the overall progress of the Nigerian economy.
