FG reiterates commitment to fostering conducive business environment for economic growth
By Vivian Emoni
Sen. Abubakar Bagudu, Minister of Budget and Economic Planning, has reaffirmed the Federal Government’s commitment in fostering a conducive business environment for economic growth.
Bagudu said this at a virtual event organised by National Policy Advocacy Centre (NPAC), of Abuja Chamber of Commerce and Industry (ACCI), in Abuja.
The minister, who was represented by Mr Auwal Muhammed, Deputy Director of the Economic Growth Department, said that the 2025 budget aligned with the National Development Plan (NDP) of 2021 to 2025.
According to him, the budget prioritises economic reforms, industrialisation and infrastructure development.
He called on the private sector to engage in Public-Private Partnerships (PPPs) and leverage investment opportunities in agribusiness, technology, infrastructure and renewable energy.
Dr Idi Aliyu Hong, 2nd Deputy President of the ACCI and Chairman of NPAC, provided a critical assessment of the 2025 budget and highlighted its focus on security and infrastructure as essential drivers of economic growth.
Hong said that the essence of the virtual meeting was to discuss Nigeria’s 2025 budget and its impact on businesses.
He also said that the gathering was to discuss key provisions of the N54.99 trillion budget and explore strategies for fostering economic resilience, investment growth and private sector-driven development.
He emphasised the urgent need for Nigeria to transition from a consumption-driven to a production-based economy for long-term sustainability.
Dr Chidi Onwumere, Executive-Director of NPAC, urged stakeholders to actively engage policymakers and advocate for business-friendly reforms.
According to him, while government policies provide the framework, the private sector must drive economic transformation through strategic investments and innovation.
Mr Bolanle Azeez, Acting Director, Tax Policy and Advisory Department, Federal Inland Revenue Service (FIRS), outlined strategies to enhance tax revenue generation, improve compliance and leverage technology for efficient tax collection.
Azeez emphasised the importance of businesses aligning with tax policies to benefit from government incentives while contributing to national development.
Dr Illiasu Gashinbaki, ACCI Vice President of Finance and CEO of Machine and Equipment Corporation Africa (MECA) Limited, discussed strategies for boosting Small and Medium Enterprises (SME) exports to attract foreign investment.
Gashinbaki emphasised the need for policy consistency, investment-friendly regulations and infrastructure improvements to enhance Nigeria’s business climate.
Mr Wole Adelokun, Partner, Strategy and Customer Solutions, Advisory Services at KPMG West Africa, provided an overview of Nigeria’s macroeconomic landscape.
Adelokun advised business people to remain agile, diversify portfolios and explore new growth sectors.
The News Agency of Nigeria (NAN) reports that participants discussed tax policies, investment incentives and government’s intervention measures. (NAN) (www.nannews.ng)
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