The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the Federal Government would not relent in its support for domestic production as part of efforts to stabilise the economy and sustain growth.
Bagudu said “The next focus of government is sustaining the reform for achieving growth and development, pointing out that inflationary expectations are on the decline, and we shall continue to support domestic production”.
The minister, who stated this at the annual National Economic Summit Group meeting in Abuja, explained that reforms introduced in May 2023 had helped avert fiscal collapse, ease macroeconomic pressures, and strengthen resilience.
The former Kebbi State said the removal of fuel subsidies, deregulation of the foreign exchange market, tighter borrowing discipline and the naira-for-crude policy were bold choices that laid the foundation for stability.
The minister added that reforms were beginning to yield results, with GDP growth improving to 3.4 per cent in 2024 and further strengthening into 2025.
He stated that the government was prioritising agriculture, manufacturing and infrastructure to sustain the downward trend in inflation and ease the cost of living.
The minister stressed that expanding access to credit, mechanisation, storage and transportation remained critical to deepening the economic growth.
Bagudu projected GDP growth of 4.6 per cent in 2025 and said the upcoming National Development Plan 2026–2030 targets a $1tn economy by 2030, anchored on sustained reforms, diversified revenue and a stronger domestic production base.
