Tag: foreign investment in Nigeria

As Nigeria commemorates two years of President Bola Tinubu’s leadership, the Minister of Budget and Economic Planning, Senator Atiku Bagudu, affirms that the nation’s economic trajectory is now on the right course. Meanwhile, Mallam Aminu Suleiman, a representative of the newly established North West Development Commission (NWDC), has encouraged Nigerians to show patience with President Tinubu. He emphasized that the impact made in the last two years outweighs that of the prior administration’s eight-year rule. In a statement made on Saturday evening following a visit to President Tinubu at his Lagos residence, Bagudu applauded the government’s economic strategy, pointing out that the country is beginning to experience the outcomes of long-overdue structural reforms. Bagudu acknowledged, “We’re not where we want to be,” but maintained that recent initiatives have redirected the economy toward sustainable growth. He further noted that the Tinubu-led government’s bold move to eliminate costly subsidies on petroleum, electricity, and foreign exchange was essential. “Years of underinvestment led Nigeria to a situation where even covering salary obligations became difficult,” Bagudu explained. “Removing those subsidies has freed up financial resources. At present, subnational entities — states and local councils — are operating with nearly three times the funding they previously had. That is transformative.” Bagudu said the funds are being effectively invested in key areas such as infrastructure, agriculture, digital innovation, consumer lending, and human capital. “These are not mere verbal commitments. We are witnessing actual funding being directed to defense, education, and economic empowerment,” he emphasized. The minister expressed optimism that these reforms are already restoring investor trust. “The gap between developed and developing countries is largely driven by investment levels — both public and private. We are now addressing years of neglect. That process is monumental and lies at the core of our reforms,” Bagudu remarked. He observed that there is now a visible inflow of private capital — both from domestic and international investors — reflecting renewed confidence in Nigeria’s leadership. “Investors are beginning to recognize Nigeria as a serious partner, with a government making tough but necessary decisions.” Drawing a metaphor, Bagudu likened the government’s reform strategy to foundational construction work. “If someone starts by filling a foundation pit, you may think no progress has been made because the walls are not yet visible. But President Tinubu has been candid from the beginning: we are in a hole, not to assign blame, but because decisive action was delayed for too long.” On the defection of political figures, including governors from Delta and Akwa Ibom, to the All Progressives Congress (APC), Bagudu suggested this signifies trust in Tinubu’s vision. “They’ve publicly expressed their reasons for joining — citing the clarity and authenticity of this leadership. This transcends politics. It reflects belief in a courageous and visionary future,” he added. Bagudu highlighted that, as Nigerians mark both the Eid celebrations and the government’s second year, “reforms are delivering, and investments are climbing, even amid existing national challenges.” After visiting President Tinubu at his Ikoyi home during the Sallah celebrations, Suleiman echoed Bagudu’s sentiments and commended the President’s leadership. He maintained that Tinubu is laying the foundation for enduring national transformation. “Tinubu’s accomplishments in two years surpass what the previous government achieved in eight,” Suleiman asserted. “Given the opportunity to complete a four-year term, I am confident he will reshape Nigeria.” He also praised the inclusion of the North West in national development plans, particularly through the NWDC initiative. “With nearly 19 million people, we are the most populous zone in the North,” Suleiman pointed out. “The inclusion of the North West is a strategic advancement, and with God’s help, it will be successful.” He stressed that given President Tinubu’s proven record in Lagos — in governance, infrastructure, and institutional development — a similar transformation can be expected nationwide. “He accomplished it in Lagos. God willing, he will replicate it across Nigeria.” Suleiman concluded by calling on Nigerians to place their trust in Tinubu’s leadership and long-term goals. “Let us be patient. A firm foundation is being laid. In time, we will all witness the results.”

By Emmanuel

June 8, 2025June 8, 2025