Population Growth Eroding Gains of Economic Reforms – Bagudu

• Minister Atiku Bagudu warns that Nigeria’s growing population is undermining the benefits of economic reforms, with oil production declining significantly
• Bagudu emphasizes the need for strategic investments to achieve a per capita income of $33,000 by 2030 amid economic challenges

The Minister of Budget and Economic Planning, Atiku Bagudu, has highlighted concerns that Nigeria’s rapidly growing population is diminishing the benefits of the government’s economic reforms. Bagudu made this observation on Wednesday in Abuja during the National Economic Dialogue organized by the Nigerian Economic Summit Group (NESG) under the theme “Nigeria’s Economic Future: 25 Years of Democracy and Beyond.”

Bagudu pointed out that while Nigeria’s population has increased significantly—from 190 million in 1999 to approximately 230 million in 2024—the country’s oil production has declined. “Our oil production, which was 2.2 million barrels per day in 1999, is now about 1.6 million barrels per day,” he noted, stressing that years of underinvestment have contributed to this decline.

The minister emphasized the government’s ambition to achieve a per capita income of at least $33,000 by 2030, acknowledging the challenges in reaching this goal. He stated, “Our experience over the last 25 years will serve as a guide, though we recognize that difficult choices are necessary to mobilize both private and public capital to support our growth.”

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, added that the government’s current economic focus is on tackling inflation, particularly food inflation, which has significantly impacted the population.

The Chairman of the NESG, Biyu Yusuf, also spoke at the event. He underscored the ongoing struggles faced by businesses and entrepreneurs due to rising costs and the broader issues of poverty, unemployment, insecurity, and corruption. He stressed that sustainable economic growth requires more than just policy changes; it demands a collective effort to address systemic challenges.

Yusuf highlighted the importance of collaboration across all sectors of society, including public and private sectors, civil society, and international partners, to foster innovation, support entrepreneurship, and attract investment. “This dialogue allows us to take stock of our economic trajectory over the years, celebrate our successes, critically examine our shortcomings, and identify the impact of policy inconsistencies on our nation’s development,” he concluded.