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Nigeria Targets Economic Prosperity through Sustainable Policies – FG

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Nigeria is actively working towards economic prosperity through the comprehensive execution of policies designed for sustained growth and development, stated the Federal Government.

Speaking in Osogbo at the conclusion of the 22nd Joint Planning Board (JPB) and National Economic Council on Development Planning (NCDP), Senator Abubakar Bagudu, the Minister of Budget and Economic Planning, emphasized the government’s intentions.

The theme, “Imperatives for Restoring Nigeria on the Path of Sustainable Economic Growth and Development,” reflects the government’s commitment to stabilize the macroeconomy. Bagudu urged State Governors to back the Federal Government’s endeavors.

While measures have boosted state revenues, challenges like inflation persist. “The need to generate employment swiftly and enhance livelihoods remains critical,” Bagudu noted. He stressed the importance of collaboration with states as partners in governance.

To further Nigeria’s goals of industrialization and prosperity, Bagudu appealed to all state officials, Local Government representatives, and the populace to support the Government’s strategic direction. He highlighted the significance of the meeting in Osogbo, noting that about 30 commissioners or state representatives attended, which underscores the importance of joint planning.

Drawing from international examples, Bagudu pointed out that careful planning has been instrumental in the economic success of countries like Ethiopia, which has seen about 80% growth over a decade.

Similarly, nations such as India and Korea stand as exemplary models of how meticulous and forward-thinking strategic planning can lead to significant economic advancements. Both these countries have harnessed a combination of innovative policies, infrastructural development, and international partnerships to propel themselves onto the global stage.

Minister Bagudu stressed that drawing inspiration from such successes, it’s imperative for Nigeria to foster unity in its planning approach. This unified strategy should span across all levels, from the federal tier down to the state and even local governance structures. By doing so, Nigeria can ensure a harmonized vision and more cohesive policy implementation, maximizing the potential for sustained economic growth.

In a call for unity, Bagudu stressed that diversity within the country is a strength. He advocated for mutual cooperation and alignment towards shared goals. “We are pivotal in our federal system, with constitutional responsibilities for state planning in collaboration with the Federal Government,” Bagudu concluded.

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