Bagudu Links Economic Struggles to Social Media Dependence
…Urges Focus on Industrialisation
By Patience Ikpeme
The Federal Government has identified Nigerians’ dependence on social media, which it says wrongly positions Nigeria alongside well-developed nations, as one of the factors hindering economic growth.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, made the observation during a courtesy visit by a United Nations Industrial Development Organisation (UNIDO) delegation, led by its Representative and Regional Director, Mr. Philbert Johnson, over the weekend in Abuja.
Senator Bagudu criticized social media for failing to question the stages of the country’s development. He called for raising public awareness to help citizens understand the economic dynamics of production and the provision of subsidies by developed countries, which he said would help “set the record straight.”
The Minister used the meeting to announce that Nigeria has started reviewing the National Development Plan (NDP), with the current NDP 2021-2025 expiring in December 2025. He said industrialisation would be central to the next plan (NDP 2026-2030) and called for wide-ranging input from all economic sectors.
“Your visit comes at a crucial moment as Nigeria concludes the 2021–2025 National Development Plan and works on a successor plan,” Bagudu said. He added, “Industrialisation remains a central pillar of this process because it offers the pathway to higher-quality jobs, inclusive prosperity, and stronger global competitiveness.”
Bagudu spoke about the systemic barriers faced by developing countries in the global economy, noting that despite Africa’s potential, global distortions have made it increasingly difficult to industrialise.
“The reality today is that industrial development is not always driven by competitiveness, but by countries with stronger economic muscle using their advantages to crowd out others. This creates a distorted playing field where even basic industrial activity becomes a struggle for African economies,” he explained.
The Minister also addressed geopolitical uncertainties, citing shifting trade policies and rising protectionism in advanced economies as factors that leave developing nations vulnerable.
“We find ourselves in a time when the principles that once upheld fairness are being eroded. Countries that should be champions of equity are instead adopting policies that hinder the growth of developing nations. Yet we cannot afford to abandon industrialisation. We must find a way forward,” he said.
Bagudu urged UNIDO to take a more active role in helping countries like Nigeria navigate these challenges. “We need partners who can help us think creatively, who can articulate pathways that compensate for the disadvantages imposed by the current order. We believe that Nigeria, with its large population and vibrant economy, can highlight issues that matter not only to us but also to smaller African nations. But we cannot do this alone.”
In his reply, Mr. Philbert Johnson praised the Minister’s leadership and Nigeria’s ongoing partnership with UNIDO. He mentioned the signing of the Programme for Country Partnership (PCP) with Nigeria six months prior, marking an important milestone in deepening collaboration.
“We profoundly appreciate your unwavering support in transforming the Country Programme into a PCP. Nigeria remains a vital partner for UNIDO, not only because of its size and influence in Africa but also due to your ministry’s central role in planning, donor coordination, and data management,” Johnson said.
He noted that the next step in making the PCP operational is the establishment of a National Coordinating Body (NCB) to determine Nigeria’s priorities.
“We are eager to begin implementation, but the ownership of this process lies with Nigerian authorities. Until the NCB is in place, our ability to deploy resources is limited. We are therefore working closely with your ministry and the Ministry of Industry to fast-track this process,” he explained.
Johnson also outlined UNIDO’s ongoing efforts in Nigeria, which include support for renewable energy projects, circular economy initiatives, and small-scale industrial ventures. Bagudu expressed gratitude to UNIDO for its enduring partnership, stating: “We recognise that these are systemic issues, but we believe that with your equitable guidance and support, we can develop an industrial strategy that benefits Nigeria and inspires the continent.”
