Bagudu: Resilience, Confidence in Economy Will Defeat Insecurity

James Emejo in Abuja

The Minister of Budget and Economic Planning, Senator Abubabar Bagudu, yesterday said the resilience of Nigerians amid daunting challenges as well as increased confidence and investment by the private sector would help surmount current insecurity in the country.

Speaking at the closing briefing of the 29th Nigerian Economic Summit (NES#29), he pointed out that there was nowhere in the world that was totally free from issues of insecurity.

He was responding to an observation that deliberations during the summit appeared to be silent on issues of insecurity which is presently bedeviling the country amid kidnappings, banditry and terrorism – a situation that continues to scare particularly foreign investors.

The minister said the consensus by the private sector to commit money into the economy was a clear indication of resilience from Nigerians amid security challenges.

He noted that it was through such resilience, investment and confidence in the economy that, “will make us defeat insecurity.”

He said, “On insecurity, let me start by saying Nigerians are very resilient people and that we can gather particularly the private sector to talk about putting money in Nigeria is a statement of resilience.

“It is a statement that in spite of what is said or what is felt, we need to dominate our environment. We need to generate economic activity because it’s a chicken and egg situation.

“I can read an online statement about a state today and decide that I cannot go there forever because I am scared; but people live there, people work there and people earn daily livelihood there.

“Investment particularly by the domestic private sector is a statement that we believe in our economy, we believe in the capacity of our economy and investment that will help us to dominate our environment.”

He said, “We have seen what is happening today in Borno State; a state that was challenged; a state that at a time, the entire local government was not being controlled by the state actors.

“But today, economic activity is resuming and people are being integrated in various programmes and that is maybe as bad as it can get. And we have seen this in the Niger Delta, where anger over environmental degradation…and at one time, many people felt insecure going to those places. It is investment and confidence in our economy that will make us defeat insecurity.”

Nonetheless, the minister expressed satisfaction over the outcome of the two-day summit, adding that going by the fruitful deliberations, there’s a clear line of sight out of the challenges bedevilling the country.

In the immediate term, he said the outcome should lead to more investments for the country and clearing of foreign exchange backlog as well as stability of the FX market.

Bagudu also described the annual summit as “nothing but a demonstration of love for Nigeria”.

He said though the country may be challenged partly as a result of wrong decisions taken previously, it possesses a strong and absorptive capacity to turn things around for the better.

He also commended the Nigerian Economic Summit Group (NESG) for standing by the government amid efforts to stabilise and grow the economy – and urged the board to ensure that the resolutions at the summit are presented in such a way that they feature as budget line items.

The out-going NESG Chairman, Mr. Olaniyi Yusuf, expressed satisfaction that some of its past summit recommendations had helped to shape key policy direction of the federal government.

He said the petrol subsidy removal, harmonisation of the foreign exchange, the petroleum industry bill and fertiliser regulation, as well as the easing of company registration were all issues that were presented to the government for policy actions and which had now seen the daylight.

“Things are happening,” he said, adding that “We must recognise the challenges but appreciate the successes.”