Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, says the nation’s strategy for sustainable job creation is rooted in the far-reaching macroeconomic reforms currently being implemented by the Tinubu Administration.
This was contained in a statement signed by the Special Assistant on Media and Communications Strategy to the Minister of ForeignAffairs, Alkasim Abdulkadir and made available to Channel Network Afrique, CNA News.
Speaking at the “Africa Jobs Engine” panel on the sidelines of the World Economic Forum, Ambassador Tuggar emphasized that the government’s primary role is restoring stability to create “investable pathways” for the private sector.
A Focus on Structural Reform
The Minister detailed several key pillars of the current economic agenda aimed at attracting long-term investment. He highlighted the stabilization of the foreign exchange regime and the removal of fuel subsidies as critical steps toward reducing market distortions.
Furthermore, he pointed to the ongoing restructuring of the power sector, which effectively separates generation, transmission, and distribution to enhance transparency and efficiency.
”These measures are designed to improve transparency, reduce distortions, and attract long-term private investment, particularly in energy-intensive and job-rich sectors,” Tuggar stated.
Strengthening Competitiveness
Beyond energy and currency, the Minister noted that comprehensive tax reforms are underway. These changes aim to enhance predictability and strengthen Nigeria’s global competitiveness as a premier business destination.
Tuggar also referenced Nigeria’s hosting of the West Africa Economic Summit (WAES), describing it as a strategic move to bridge information gaps and equip the private sector with knowledge of regional frameworks, such as the West African Power Pool.
The Private Sector as the Engine of Growth
While the government provides the regulatory framework, the Minister maintained that the private sector remains the primary driver of employment. He observed the emergence of local production ecosystems that transform raw materials into finished goods, creating stronger linkages between labor, finance, and markets.
”The private sector remains the primary engine of job creation,” he noted, adding that these burgeoning ecosystems are “already expanding opportunities for women and young people.”
Continental Integration
Addressing broader regional goals, the Minister urged that the African Continental Free Trade Area (AfCFTA) remain focused on its core mandate of economic integration. He argued that deepening intra-African trade and industrial value chains is the only way to sustain long-term growth across the continent.
Ambassador Tuggar concluded by reaffirming Nigeria’s commitment to reforms that unlock private capital and position the national economy as a platform for inclusive growth.
