Atiku Bagudu, minister of Budget and Economic Planning has said that the Dangote Refinery must be supported by government and Nigerians to succeed in its operations in Nigeria.
Badugu who spoke at the ongoing 13th edition of the Nigerian Economic Summit (NES#13) in Abuja, said that the private sector now drives the Nigerian economy and must get the necessary support required to succeed as it has become an engine of growth.
He explained that the Dangote refinery, being a private enterprise must be encouraged to succeed.
This follows the recent dispute between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria, which affected the activities of the refinery and as well as Nigeria’s oil and gas sector in general.
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The minister stated that the nation’s development plan and policies acknowledges the place of private sector in Nigeria Economic development. “The Agenda 2050, which was approved in the year 2020, as well as the first of the six development plans that was anticipated in 2021-2025, made the private sector the key driver of the economy.
“Indeed, it assigned as much as 86 percent of the plan size to the private sector. And this is not surprising, because even Chapter 2 of our Constitution, which guides the economic objectives of the country, have placed pride in a private sector-led economy.
The minister, speaking further stated that since inception, the Tinubu-led administration has been implementing bold, courageous reforms aimed at enhacing the economy, productivity and addressing insecurity.
He emphasized that these reforms were crucial to abating the fiscal crisis and laying the foundation for long-term, inclusive economic growth and development. “However, we recognize that reforms like this, not surprisingly, will come with short-term challenges for households as well as businesses. We are determined to stay the course and ensure that the challenges that hinder the achievement of our manifest destiny are confronted and addressed.
“Our private sector has been a steady voice of support and synergy and interrogation.The government and private sector are partners in economic development. We no longer talk of the public sector dominating the commanding heights of the economy,” he added.
Assessing the impact of the reforms, the Minister noted that positive trends have emerged in the economy, with real GDP has maintaining a steady growth trajectory, with the first quarter of 2024 recording a 2.98 percent increase, followed by 3.15 percent in the second quarter, 3.46 percent in the third quarter, and 3.48 percent in the fourth quarter.
The key implication of this result, he said, is the stabilisation of the macroeconomic environment, occasioned by the effectiveness and sustained policy implementation. He explained that higher GDP growth reflects rising domestic demand, increased business confidence and a more dynamic productive base.
Bagudu further explained that to build economic resilience, the government is prioritising job creation that drive productivity through improvement and support of different sectors, such as digital skills, creative economy skills, development of the blue and maritime sector, human capital development as well as agriculture, livestock and fisheries.
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“We are committed to a major and deliberate path forward, ensuring each step is meticulously assessed. We must therefore remain resolute in our current strategy.
“Despite persistent inflationary pressures, recent data presents signs of moderation. Headline inflation measured year-on-year decreased to 20.12 percent in August 2025, a notable reduction from 32.15 percent in August 2023. This downward trend reflected in the newly rebased consumer price index, suggesting a gradual easing of cost of living.
“Particularly significant is the deceleration in food inflation, which declined to 21.87 percent in August 2022, from a combination of measures in quotation to increase domestic production and the concern of Mr. President.
“Mr. President has shown concern that having achieved lower food prices, we should invest more in domestic production to ensure that our farmers are rewarded without any further deceleration in inflation that comes from production gains. This trend will be sustained with deliberate policies to alleviate pressure on household budgets, stimulate consumer spending and create a more conducive environment for inclusive growth.
“The reduction in inflationary pressure will also lead to a more predictable economic life and a higher chance of increased investment, both domestic and foreign,” he said.