The Federal Government has announced an ambitious initiative to identify and activate economic opportunities in all 8,809 political wards across Nigeria.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said the initiative is designed to bring together all tiers of government to chart specific, community-based pathways to job creation and economic inclusion. He spoke during the launch on Monday of the World Bank’s Nigeria Development Update in Abuja.
“We are implementing a program that brings every tier of government together to map economic opportunities across all 8,809 wards in Nigeria,” Bagudu said. “The federal government believes that cash transfers alone will not create jobs. You must identify and cultivate economic potential in each community.”
According to Bagudu, the program is part of a broader push by the Bola Tinubu administration to shift focus from top-down approaches to reforms that directly impact local livelihoods. The planned ward-level mapping is expected to inform targeted interventions that reflect each community’s unique economic possibilities rather than applying one-size-fits-all solutions.
He noted that President Tinubu would soon formally launch the initiative, which aligns with ongoing macroeconomic reforms aimed at expanding productivity and employment nationwide.
Bagudu emphasised the country’s growing economic resilience, citing increased revenues and declining debt levels among subnational governments. “If you take the time series backwards, you will see that revenues have historically been adjusted in response to oil prices,” he said. “There was a time when oil prices were over $100 per barrel, yet some states couldn’t pay salaries. Today, however, we are seeing increased revenues to subnationals and even a reduction in their debt levels—an enhancement of fiscal space that is both notable and necessary.”
On the subject of public finance, Bagudu stressed the importance of discipline and accountability in budgeting. “We are right to say that the budget must not reflect our indulgences; it must reflect our potential,” he stated. “This journey is nearly two years in, and now more than ever, all organs of government must work harder and smarter to deliver prosperity for our people.”
Bagudu also welcomed the World Bank’s latest report as validation of the administration’s economic trajectory. “This report and its numbers reinforce the fact that the Renewed Hope Agenda is working,” he said. Plateau State Governor Caleb Muftwang echoed this view, highlighting the need to “stay the course—not choosing winners, but supporting those who believe in Nigeria’s future.”
Bagudu also touched on the country’s capacity for technological integration. “Our economy has one of the highest capacities globally to absorb technology, and our digital economy is a testament to that.”
Responding to recent poverty data, Bagudu acknowledged the figures but clarified they were based on older datasets. “Yes, the figures are real, but they reflect older datasets—not the current momentum of reforms underway since June 2023,” he explained. “We are not playing the blame game. Mr. President campaigned for this responsibility. We are not where we want to be, but we are committed to doing more.”
He commended the National Bureau of Statistics (NBS) for its improved methodological standards, particularly in labour statistics, the Consumer Price Index, and GDP assessments. “Institutional credibility is paramount,” Bagudu said. “What matters is that stakeholders are engaged, and the public understands what these methodological changes mean for our national data.”
Highlighting the role of investors in infrastructure development, Bagudu underscored the need for responsive policy mechanisms. “Our infrastructure aspirations require that we treat willing investors with the seriousness they deserve,” he said. “We have developed mechanisms to recalibrate policy in real time, as seen in our recent engagement with stakeholders in the sugar industry.”
He added that the Coordinating Minister of the Economy remains available to ensure that government performance exceeds expectations.
The event featured key figures including Minister of Finance and Coordinating Minister of the Economy Wale Edun and Central Bank Governor Yemi Cardoso, as well as state representatives, development partners, and economic stakeholders. Discussions focused on the progress and challenges under the Renewed Hope Agenda, with a shared commitment to sustaining the momentum of ongoing reforms.
Nigeria’s economic reforms are shifting focus toward ward-level development, with plans to identify and cultivate opportunities in local communities. Bagudu’s remarks highlight the government’s intent to engage all tiers in this effort, though its impact remains to be seen as implementation unfolds.
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