Minister of budget and economic planning, Abubakar Bagudu, says bold economic reforms by the federal government are beginning to yield early results and will bring lasting prosperity.

Mr Bagudu, who was represented by Felix Okonkwo, director of macroeconomic analysis, the federal ministry of budget and economic planning, said this in Lagos on Tuesday at a news conference ahead of the 31st Nigerian Economic Summit (NES#31).

The summit with the theme, “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”, is scheduled to hold from Oct. 6 to Oct. 8 in Abuja.

It will bring together government leaders, the private sector, and development partners to shape policies for inclusive growth.

Mr Bagudu admitted that the removal of fuel subsidies and unification of the exchange rate had created short-term hardships but insisted they were “tough but necessary decisions” to stabilise the economy.

“The foundation is being laid. We expect the impact to reflect positively on the standards of living of our citizens.

“Government cannot achieve this alone; we need the private sector, development partners, and every Nigerian to play their part,” Mr Bagudu said.

He noted that inflationary pressures were beginning to ease as fiscal and monetary policies aligned, while reforms in revenue mobilisation, debt management, and public investment were improving confidence in Nigeria’s economy.

The minister said government was sustaining investments in power, transport, and the digital economy to boost productivity and competitiveness, while also targeting social programmes at vulnerable populations.

Agriculture, he added, remains a central focus.

“We are moving beyond exporting raw commodities to creating value-added products. Farmers are being supported with mechanisation, improved seeds, biotechnology, and better access to finance,” he said.

Mr Bagudu also highlighted the Renewed Hope Ward Development Programme launched by President Bola Tinubu, which aims to lift more than 10 million economically active Nigerians by directly targeting all 8,809 wards across the country.

“This programme guarantees inclusivity, no community will be left behind in our quest for shared prosperity,” he stressed.

On the October summit, Mr Bagudu said discussions would focus on industrialisation, infrastructure, inclusion, strong institutions, and unlocking investment opportunities in global trade.

He urged Nigerians not to lose faith in the process, warning that reversing reforms would risk undoing hard-won progress.

“If we persevere, we will transform the country and realise the dreams of our founding fathers, an egalitarian society and a prosperous nation,” the minister said.

(NAN)