Nigerian Minister of Budget and Economic Planning, Abubakar Bagudu has reaffirmed the government’s commitment to fostering a conducive business environment.
Bagudu made reaffirmation during the Abuja Chamber of Commerce Industry, ACCI’s high-level webinar aimed at analyzing the economic outlook of Nigeria’s 2025 budget and its impact on businesses.
Bagudu who was represented by Deputy Director of the Economic Growth Department, Auwal Muhammed noted that the 2025 budget, titled “The Restoration Budget: Securing Peace, Rebuilding Prosperity,” aligns with the National Development Plan 2021–2025, prioritizing economic reforms, industrialization, and infrastructure development.
The Minister called on private sector players to engage in public-private partnerships (PPPs) and leverage investment opportunities in agribusiness, technology, infrastructure, and renewable energy.
The 2nd Deputy President of Abuja Chamber of Commerce Industry, ACCI, Dr. Idi Hong while speaking called on the private sector to engage policymakers, advocate for necessary reforms, and drive innovation that ensures economic resilience in the country.
Dr Hong provided a critical assessment of the 2025 budget, highlighting its focus on security and infrastructure as essential drivers of economic growth.
According to him, “The 2025 budget comes at a pivotal moment in our economic journey, marked by both challenges and opportunities. With a total expenditure of ₦54.99 trillion, the government has prioritized security and infrastructure, two critical sectors essential for boosting trade, attracting investment, and creating job opportunities.”
“However, a significant concern remains: approximately 65% of the total budget is allocated to debt servicing, personnel costs, and overheads. This raises important questions about the government’s commitment to transitioning from a consumption-driven to a production-based economy.”
“While the government has set the framework, the private sector remains the engine of economic transformation.” He added.
Executive Director of the National Policy Advocacy Centre, ACCI, Dr. Chidi Onwumere emphasized that while government policies provide the framework, the private sector must drive economic transformation through strategic investments and innovation.
“For us at the Abuja Chamber of Commerce and Industry, this webinar is more than just an event it is a platform for dialogue, collaboration, and actionable insights.”
“We recognize that the private sector is a key stakeholder in the budget process, and your voices are essential in shaping policies that promote sustainable growth and competitiveness.” Dr Onwumere added.
Olusola Akintonde
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