Minister Uzoka-Anite Advocates for 95% Private Sector Control of Nigerian Economy
The newly-appointed Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, has declared that Nigeria can only achieve its desired level of economic growth if 95 percent of the economy is driven by the private sector. This bold statement was made during her assumption of office at the Ministry of Budget and Economic Planning, where she was received by Minister Abubakar Bagudu and other top officials.
Private Sector Leadership for 'Renewed Hope' Programme
Uzoka-Anite, who previously served as Minister of State for Finance, emphasized that the government's 'Renewed Hope' programme should be led by the private sector to effectively achieve its objectives. She expressed confidence in President Bola Tinubu's ability to realize the trillion-dollar economy vision, citing the foundation laid through economic reforms and the implementation of the National Development Plan (NDP).
The minister acknowledged President Tinubu for the opportunity to serve in multiple roles within his administration, including as Minister of Industry, Trade and Investment, Minister of State for Finance, and now Minister of State for Budget and Economic Planning, along with participation on various economic committees.
Bagudu Outlines Ambitious Economic Targets
Minister Abubakar Bagudu highlighted the critical importance of strong policy coordination and strategic planning in reaching the Federal Government's ambitious economic goals. He stated that the administration is vigorously pursuing the target of growing Nigeria's economy to $1 trillion by 2030.
Bagudu explained that this objective will be achieved by maintaining an annual economic growth rate of seven percent, with the upcoming National Development Plan (2026–2030) serving as the guiding framework for economic reforms, investment priorities, and development initiatives nationwide.
Ministry's Role and National Priorities
Welcoming Uzoka-Anite's appointment, Bagudu detailed the ministry's responsibilities as the official planning authority of Nigeria. These include:
- Preparing and coordinating national development plans
- Harmonizing fiscal and economic policies
- Providing policy advice to the president
- Coordinating development initiatives across federal, state, and local levels
The minister referenced recent discussions of the National Economic Council (NEC), which identified several key policy priorities aimed at accelerating national development:
- Improved coordination among federal, state, and local governments, particularly since state governments account for approximately 48 percent of public expenditure
- Increased investment in security
- Securing ongoing funding for transformative infrastructure
- Strengthening enforcement against illegal activities in the extractive sector, including crude oil theft and illegal mining
International Development Partnerships
Bagudu noted that the ministry will continue to coordinate international development partnerships to support Nigeria's economic growth. He highlighted a recent milestone: the upgrade of bilateral relations between Nigeria and China to a comprehensive strategic partnership, which has resulted in several cooperation agreements focused on economic development.
This enhanced partnership represents a significant step in Nigeria's efforts to leverage international collaborations for sustainable economic advancement and infrastructure development.
