Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has cautioned Nigerians against relying heavily on social media narratives, saying they often distort the country’s development realities by comparing it directly with advanced economies without considering its unique challenges.
Bagudu made the remarks in Abuja during a courtesy visit by the Regional Director of the United Nations Industrial Development Organisation (UNIDO), Mr. Philbert Johnson. The visit was disclosed in a statement issued on Monday by the ministry’s Director of Information and Public Relations, Mrs. Julie Osagie-Jacobs.
The minister said digital platforms have amplified public expectations while obscuring structural factors such as production dynamics and subsidies that shape advanced economies. He stressed that greater awareness of these complexities would be critical as the government prepares the National Development Plan (NDP) 2026–2030, noting that industrialisation would remain central to job creation, inclusive prosperity, and competitiveness.
Bagudu further criticised the global economic order, accusing advanced nations of adopting protectionist policies that undermine Africa’s industrial growth. He urged UNIDO to play a stronger role in redressing these imbalances and helping developing countries navigate restrictive trade practices.
“We find ourselves in a time when the principles that once upheld fairness are being eroded,” he said. “Countries that should be champions of equity are instead adopting protectionist policies that hinder the growth of developing nations. Yet we cannot afford to abandon industrialisation. We must find a way forward.”
In response, Johnson praised Nigeria’s industrialisation drive and noted that UNIDO had, six months earlier, signed a Programme for Country Partnership with the government. He said the establishment of a National Coordinating Body would be vital for its implementation and reaffirmed support for renewable energy, circular economy initiatives, and small-scale industries.
The minister’s remarks come as fresh data from the National Bureau of Statistics showed that Nigeria’s Gross Domestic Product grew by 4.23 per cent in real terms in the second quarter of 2025, compared with 3.48 per cent in the same period of 2024. While the NBS described the growth as evidence of economic momentum, labour unions dismissed the figures as unreflective of the widespread hardships facing households and workers.
