The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, said that President Bola Tinubu’s ongoing economic reforms are progressing well and has the unusual outcome of strengthening political consensus in the country.
Bagudu made the statement during a meeting with officials from the Agence Française de Développement (AFD) Microeconomic Risk Analysis Due Diligence Mission, in Abuja on Wednesday.
He said that under Tinubu’s leadership, the nation’s federal system has been strengthened with better coordination among the federating units through the effective management of the National Economic Council.
Bagudu said that the body was constitutionally responsible for guiding the country’s economic growth.
“The reforms have improved cooperation between the executive and legislative arms of government.
“The National Assembly has been very supportive of the President’s bold economic initiatives, of equal importance is the friendly relationship among the federal, state, and local governments,” the minister said.
He said that the macroeconomic reforms implemented over the past two and half years have begun to show tangible results, including improved macroeconomic stability, investor confidence and an unusual yet notable increase in political cohesion across the federation.
The minister said that despite regional political instability and the challenging timing of reforms, Nigeria has remained committed to implementing bold economic measures.
He said that the increasing political consensus around these reforms has helped stabilise the exchange rate, maintain investor confidence and reduce the usual pre-election uncertainty often linked with emerging markets.
Bagudu reiterated the president’s economic vision, which aimed to develop a one-trillion-dollar economy within the next five years, driven by inclusive and decentralised growth.
He said that the heart of this vision is the Renewed Hope Ward Development Plan, a grassroots-driven initiative designed to map the country’s economic potential across its 8,809 wards, gather priorities from the local level up to the national stage, and promote a fairer distribution of growth and federal resources.
The minister said that under this framework, each ward’s economic potential, including agriculture, skills, resources, and industry are being mapped.
Bagudu said that the development planning would originate at the ward level, feed into state development plans and ultimately shape the national development plan.
He said that agriculture, local production, and value chains would be prioritised to promote job creation, food security, and household income growth.
Bagudu reiterated the government’s commitment to private-sector-led growth, with reforms aimed at making the country more attractive to both local and foreign investors, despite challenges related to revenue generation, high interest rates, and global economic pressures.
He also acknowledged the short-term difficulties and pains of the reforms, but said they were necessary, critical and irreversible for the country’s long-term stability and sustainable growth.
The AFD mission, led by Mr Jacky Amprou, said that AFD was not focused on a single project, but on a comprehensive review of Nigeria’s macroeconomic and structural reforms.
He said that the agency was updating its country risk and economic assessment, a regulatory requirement that would guide future engagements and financing decisions.
Amprou acknowledged that significant reforms have been implemented since 2022, leading to notable changes in the country’s economic landscape.
He said that the mission aims for a deeper understanding of the government’s plans for the consolidation of reforms, sustained economic growth, and the acceleration of national development.
Also speaking, the Permanent Secretary of the Ministry, Dr Deborah Odoh, welcomed the AFD delegation and
other development partners, stressing the importance of strategic alignment with Nigeria’s 2026–2030 National Development Plan.
She reiterated Nigeria’s stance as an attractive destination for economic growth and expressed appreciation for ongoing international partnerships, adding that the government expects all development support to align with national priorities.
