Nigerian President, Bola Tinubu has called for improved collaboration among government establishments, the private sector and international bodies, with the goal of boosting economic growth and stability in the country.
Represented by the Vice President of the country, Kashim Shettima, Tinubu emphasised on his administration’s Renewed Hope Agenda, aimed at creating an environment that fosters sustainable economic growth and shared prosperity.
“As a nation, we must prioritise economic diversification”, Tinubu said at the 30th Nigerian Economic Summit organised by the Nigerian Economic Summit Group (NESG) and the Ministry of Budget and Economic Planning in Abuja, on Monday.
“We are currently completing key infrastructure projects such as roads, railways, and power plants that will enhance connectivity and productivity. We are harmonising regulatory processes to reduce the bureaucratic hurdles that have long stifled entrepreneurship and innovation
.“These (recent economic measures, including the removal of fuel subsidy and the unification of foreign exchange rates) are all part of a broader effort to restore balance to the economy and ensure long-term stability”, the President stated.
Prior to the Summit, the Senior Vice President, World Bank Group, Indermit Gill said many Nigerians, especially the poor and vulnerable are facing difficult times, with the current economic reforms and high inflation rate in the country.
At the event, he said the current economic reforms are essential for breaking from the past. While revealing that the welfare of Nigerians should be protected, he said the government must protect the most vulnerable during the transition and prioritise non-oil growth, as well as maintain a competitive exchange rate.
“The government must stay the course for at least another decade to transform the economy and unlock Nigeria’s potential as a regional growth engine. Implementing reforms is difficult, but the rewards are immense”, Mr. Gill said.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the Nigerian government is focused on implementing the Revised National Development Plan by incorporating the Renewed Hope priorities.
“There are significant pieces of evidence that reforms and investments are working”, he enumerated.
“These governance and institutional reforms have helped to improve our macro-economic performance. Our GDP has been enhanced from 2.98 per cent growth in first quarter of 2024 to 3.19 per cent in quarter two of 2024, inflation is trending downwards while external reserves are improving”, he stated.
“We seek cooperation and understanding of the broad spectrum of the citizenry as there is indeed light at the end of the tunnel”, Mr. Bagudu said while calling for public support.
He said the aspiration to attain the desired objective for Nigeria’s development necessitated the revision of the National Development Plan, 2021-2025, addressing the challenging dynamics of the macroeconomy and incorporating the 8-priority areas and the Renewed Hope agenda.
Chairman of the NESG, Niyi Yusuf called for continued efforts to strengthen the Nigerian economy.
“The task before us is to forge decisive reforms that will drive us out of the economic challenges facing us, he posited.
“Since COVID-19, our economy has shown resilience but still fragile. We must take additional steps to make sure that gains in FDI and foreign exchange markets are not reversed”, Mr. Yusuf added.
Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, said the federal government planned to commence implementation of a new tax regime in the country by January 2025.
Speaking at a panel session on “Fiscal and Monetary policy Reforms: Removing Barriers to Private Sector Investment”, he said new tax laws had been drafted, and now awaiting passage at National Assembly.
He clarified that the proposed implementation timeline of the law was dependent upon its passage by the legislature.
Oyedele said the federal government was intentional in reducing tax burden on businesses, adding that there were unnecessary complications where over 200 unofficial taxes and 60 tax agencies existed.
He said the proposed tax regime will introduce transparency over taxes collected and how they are spent, and address compliance gap of about 75 per cent.