Nigeria’s Minister of Budget and Economic Planning, Alhaji Abubakar Bagudu, has highlighted two landmark policy reforms – the removal of fuel subsidies and the unification of the foreign exchange market – as pivotal steps that have significantly strengthened the country’s fiscal stability.
These major structural reforms, according to the minister, has helped restore fiscal balance, adding that fuel subsidies alone had cost the country nearly 5% of its GDP while disproportionately benefiting a small minority.
Bagudu also noted that for the first time in 25 years, Nigeria is refining its own crude oil, following a presidential directive allowing domestic refiners to purchase oil in naira. This, he said, has stimulated local production and reduced dependence on imports.
Reviewing the performance of his ministry over the past two years, the minister described Nigeria’s economy as being on a clear path to recovery. He cited four consecutive quarters of GDP growth, a stabilised exchange rate, and renewed investor confidence – both foreign and domestic.
He pointed to increased foreign interest in sectors like agriculture, energy, and infrastructure, with new investments coming from countries such as Brazil, Belarus, and Saudi Arabia.
The minister also credited the “Renewed Hope” agenda championed by President Bola Tinubu for restoring confidence in the country’s economic direction, despite the tough but necessary decisions involved.
