Minister Blames Economic Downturn On Absence Of Microeconomic Reforms, Citing Low Investment And Revenue

Minister Blames Economic Downturn On Absence Of Microeconomic Reforms, Citing Low Investment And Revenue....KINDLY READ THE FULL STORY HERE▶

Minister of Budget and Economic Planning, Abubakar Bagudu, has highlighted the pivotal role of microeconomic reforms in combating low investment and revenue challenges in Nigeria, attributing the shrinking economy to this fundamental issue.

Addressing attendees at the ‘Ministerial Sectoral Updates’ in Abuja on Wednesday, May 22, Bagudu underscored the government’s commitment to implementing microeconomic reforms as part of the overarching ‘Renewed Hope Agenda’. This initiative aims to tackle the underlying causes of diminished investment and revenues.

Bagudu emphasized, “We embarked on microeconomic reform as part of the Renewed Hope Agenda to address the root causes of low investment, dwindling revenues, and the shrinking size of our economy, which fails to meet our nation’s needs.”

He pointed out various sectors suffering from underinvestment, including physical infrastructure, security, food security, education, health, as well as burgeoning sectors like the creative economy, digital economy, and steel industry. Bagudu lamented the inadequate infrastructure, particularly in agriculture, where many farmers operate on a single-season basis, constraining productivity.

The minister stressed the urgent need to bolster macroeconomic stability to inspire confidence among both domestic and international investors. He acknowledged that although the current exchange rate and inflation levels fall short of desired benchmarks, the government remains steadfast in its efforts to rejuvenate the economy.

Bagudu’s remarks highlight a strategic shift towards addressing structural deficiencies through targeted microeconomic reforms, signaling a proactive approach to revitalizing Nigeria’s economic landscape.

For more information join our WhatsApp group by clicking the link here: WhatsApp Group Invite