Nigeria Needs Focused Investment For Economic Growth, Devt – Budget Minister

Minister of budget and economic planning, Abubakar Atiku Bagudu has told Nigeria’s foreign development partners that the nation is now interested only in special-purpose investments with the capacity to propel the country to lasting security, sustainable stability and shared prosperity.

Mr Bagudu remarked on the EU – Nigeria Strategic Dialogue held at the Banquet Hall, State House in Abuja on Thursday. The workshop is centred on knowledge transfers and technical assistance, especially in the digital sector for the elaboration of legal frameworks, as well as, investments for the expansion of local capacities and job creation.

“The single most important commitment that will propel Nigeria to lasting security, sustainable stability and shared prosperity is focused investments that will harness the potentials of our citizenry for productivity, economic growth and development,” Bagudu told the local and foreign partners at the event. He said it was in the interest of both parties for Europe to support Nigeria’s efforts in harnessing demographic dividends.

The EU – Nigeria development cooperation is one of the most vibrant development partnerships in terms of the volume, thematic interventions, modalities and geographical spread in deployment of cooperation resources. Indeed, a recent survey shows that over 5,200 communities benefited from various water, sanitation, energy, education, health and other micro-project interventions throughout the Cotonou Partnership Agreement between the EU and the Africa, Caribbean and Pacific (ACP States from the year 2000 – 2020.

Senator Bagudu said now, more than ever, a more coordinated response is necessary to assist Nigeria in adapting to proven systems for sustainable development and effective integration of the nation’s economy into the global system.

Nigeria’s economy is currently undergoing strenuous conditions occasioned by global headwinds and widespread domestic hardship driven by existing challenges, including high inflationary pressure as a result of supply chain disruptions and high fiscal deficit; now followed by recent fuel subsidy removal and devaluation of the naira.

The dialogue would focus on collaboration on the environment, climate change, circular economy, climate-smart agriculture and biodiversity including options for harnessing the abundant gas reserves in our country.

Other areas of interest are better management of migration flows, fiscal sustainability, curtailing terrorism, banditry, oil theft, illegal fishery, and piracy, among other security issues in the North/Lake Chad, the Niger Delta and the Gulf of Guinea; and addressing the challenges to food security and the global humanitarian Issues arising from the Russian-Ukraine crisis and Middle East; among others.