The Minister of Budget and Economic planning, Atiku Bagudu, has stated that Nigeria’s rising population growth is gradually eroding the gains of economic reforms by the government.
Bagudu made the disclosure on Wednesday in Abuja at a National Economic Dialogue organised by the Nigerian Economic Summit Group (NESG) with the theme “Nigeria’s Economic Future: 25yrs of Democracy and Beyond”
He said “Our population has grown in 25 years from 190 million in 1999 to now about 230 million in 2024, but our oil production, for example, which was 2.2 million barrels per day in 1999, is now about 1.6 million barrels per day, which means we have cumulative years of underinvestment. So that’s our reality, that we are not where we want to be. And our constitution is very clear about what we should do,” he said.
On the federal government plans, the minister stated that “Government’s ambition is that we want at least $33,000 per capita income by the year 2030 and our experience in the last 25 years will serve us as a guide, although we know sometimes how difficult it is.
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“This is because you have to take choices that are both pleasant and unpleasant in order to be able to mobilise capital, private and borrowed capital to support. Because we don’t have enough as a nation both public and capital,” the minister added.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun said the government’s current economic focus is to ensure that it tackles inflation, especially food inflation.
Earlier in his remarks, the Chairman of the NESG, Biyu Yusuf noted that businesses and entrepreneurs continue to suffer from the increasing cost of doing business, while citizens now suffer from rising cost of living just as poverty, unemployment, insecurity, and corruption are issues that continue to hinder our progress.
He highlighted that “The lessons we have learned from these challenges are clear: sustainable economic growth requires more than just policy changes; it demands a concerted effort to address the underlying systemic issues that have held us back.
“This dialogue gives us an opportunity to take stock of our economic trajectory over the years, celebrate our successes, critically examine our shortcomings, and identify the impact of policy inconsistencies on our nation’s development.
“To shape a prosperous socio-economic future, we must embrace collaboration as a fundamental principle. The challenges we face are complex and multifaceted, requiring the combined efforts of the public and private sectors, civil society, and international partners. We must alsowork together to create an environment that fosters innovation, supports entrepreneurship, and attracts investment. This collaborative spirit must extend to all levels of government and across all sectors of society.,” he added.
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