FG Pledges Support To Private Sector On Economic Growth

The Federal Government said it will create the enabling environment that will position the private sector as the engine driving the economic growth.

Minister of Budget and Economic Planning, Senator Abubakar Bagudu gave the assurance on Friday in Abuja at a press briefing about the 30th Nigerian Economic Summit set for October 14-16, 2024.

Represented by the Permanent Secretary of the Ministry, Dr. Emeka Obi, the minister harped on the critical role of private enterprise in achieving Nigeria’s long-term economic goals.

“The private sector will be the engine of growth of the economy, while the government will implement policies and regulations that promote a favorable business environment to achieve a high rate of investment and savings,” Obi stated.

“The Federal Government’s vision, as outlined by the minister, hinges on unlocking the potential of the private sector to drive the country towards becoming a USD1 trillion economy.

“Investment is necessary to create jobs and achieve the projected USD1 trillion economies, while structural barriers that constrain the vulnerable segment of the society from realising their potentials are addressed,” the Minister added.

He said the government will focus on tackling structural impediments, such as poverty, that limit the ability of the vulnerable population to contribute fully to economic growth.

The government’s commitment to job creation through increased investment will complement efforts to enhance national productivity and inclusivity.

The 30th edition of the Nigerian Economic Summit (NES), themed “Collaborative Action for Growth, Competitiveness, and Stability,” promises to build upon the discussions from previous summits.