The Minister for Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, participated in a two-day retreat focused on fiscal policy and tax reforms for Senators of the 10th National Assembly.
The retreat, held in Ikot Ekpene, Akwa Ibom State, provided an opportunity for the Minister to address the Senators on the topic “Economic Growth and Development in Nigeria: Context, Challenges and Prospects.”
During his address, the Minister emphasized the importance of identifying areas for improvement and focusing on workable solutions. He highlighted the pivotal role of legislation in addressing the challenges faced by the nation.
Bagudu emphasized the critical need to address Nigeria’s profound infrastructure challenges.
The Minister stressed that the mobilization of the private sector is no longer an option but a pivotal strategy in this endeavor. Public-private partnerships (PPPs) and other investment mechanisms were highlighted as the key instruments through which the private sector can provide the vital capital, expertise, and efficiency required to bridge the nation’s infrastructure gap.
The transformative role of technology was also emphasized, particularly in satellite imaging, geographical imaging, and identity systems. These technologies can streamline the registration and production monitoring of numerous individuals across all 36 states, contributing to more efficient planning and implementation.
He encouraged the Senate to utilize its wealth of experience and expertise to support the President, particularly in the realm of agriculture and food security. He highlighted the untapped potential of states like Akwa Ibom in crop and shrimp farming, suggesting that the South-South region has the capability to rival agricultural exports of nations like the Netherlands.
He also reflected on past opportunities and drew parallels with other regions, comparing their agricultural potential to that of countries like Bangladesh. He acknowledged the significance of prioritizing food security in the 2050 agenda.
