Nigeria’s GDP grew more than 3% for 3 successive quarters – Bagudu

Abubakar Bagudu, Minister of Budget and Economic Planning, says that Nigeria’s Gross Domestic Product (GDP) has recorded consistent growth of over 3% for three consecutive quarters, a notable achievement that reflects the positive impact of President Bola Tinubu’s economic reforms.

Bagudu shared this during the Budget Defence Session for his Ministry before the National Assembly Joint Committees on National Planning in Abuja.

He noted that these reforms had set the economy on the path to recovery and sustainable growth.

He said, “Our GDP growth of more than 3% for three successive quarters, especially when compared to the less than 1% growth in many industrialised countries, shows that the economy is responding positively to our reforms.”

The Minister attributed this success to President Bola Tinubu’s Renewed Hope Agenda emphasising that its focus on addressing underinvestment and implementing structural changes was yielding results.

“Our economy is not only recovering but is moving in the right direction. With your continued support, the trajectory will be sustained,”

Bagudu told legislators led by Yahaya Abdullahi, the Senate Committee Chairman and Isiaka Ibrahim from the House of Representatives.

He highlighted key accomplishments, including a reduction in the budget deficit from 6.1% in 2023 to under 4% in 2024 and enhanced fiscal liquidity for States and Local Governments.

Bagudu explained that measures such as the removal of forex and fuel subsidies had increased allocations to all tiers of Government, a trend, he said, would continue.

In discussing the administration’s plans, Bagudu outlined strategies to generate funds for critical infrastructure, including leveraging innovative financing, bolstering crude oil production, and targeting a revenue-to-GDP ratio of 18%.

He also called on lawmakers to expedite the passage of tax reform bills, which he described as crucial for achieving these goals.

Read also: Nigeria’s GDP to grow by 3.6% in 2025 — World Bank

The Minister assured the legislators that his Ministry would implement policies to secure more resources for economic growth, including initiatives to support housing, transportation, energy transition, and small businesses.

Bagudu further highlighted the international recognition Nigeria had garnered due to its economic reforms, mentioning enhanced partnerships with countries such as China, the UK, and Saudi Arabia.

He noted several high-impact agreements signed with these nations, alongside visits from world leaders who commended Nigeria’s economic trajectory.

Bagudu commended the National Bureau of Statistics (NBS) for its role in providing timely economic data, noting that the agency was finalising the rebasing of GDP figures using 2019 as a reference.

He also acknowledged the contributions of other agencies under his Ministry, such as the Nigerian Institute of Social and Economic Research (NISER) and the Budget Office, in advancing Nigeria’s economic goals.

As the session concluded, legislators praised the minister’s comprehensive presentation and urged him to ensure effective implementation of capital projects outlined in the 2025 budget.

With steady GDP growth and a focus on inclusive development, Bagudu reiterated the administration’s commitment to steering the economy toward long-term prosperity.