Nigeria’s economy under President Muhammadu Buhari has become more bullish, viable, and stable, and would experience unprecedented growth in the years to come, the Buhari Media Organisation (BMO) has said in response to a report by the HSBC.
The group stated that through President Buhari’s strategic policies in diversifying the economy from its mainstay in oil and creating a positive atmosphere for industrialisation and rejuvenation of moribund non-oil sectors, Nigeria’s economic outlook is bullish.
In a statement signed by Mr Niyi Akinsiju and Cassidy Madueke, the group’s Chairman and Secretary respectively, the group stated that the Buhari administration came in with a mandate to revive an economy that was lifeless and lacking prospects; the group noted that President Buhari has decided to focus on reviving the economic potentials of Nigeria’s non-oil sector, thereby giving Nigeria a real economy and not one with a predominant focus on oil.
These moves, according to the group, were already yielding results, as non-oil sectors were beginning to see a revolution through the deliberate policies in limiting room for importation of products that can easily be produced in Nigeria, while providing the needed financing for those sectors to thrive.
“We have observed a shady report from HSBC filled with unverified and vacuous opinions that suggest Nigeria’s economy would be stagnant in Buhari’s second tenure. The fact is, the opposite is the case. President Buhari’s second coming would see to a consolidation of the unshakable foundation he has laid in his first tenure – his stabilising of the economy and his creation of a healthy environment for non-oil sectors to thrive.
“Under the President Buhari administration, in 2017, Nigeria’s exports rose by 59%, comprised mostly of goods manufactured in Nigeria. In 2018, agriculture exports grew by 20% – a fruit of the agricultural policies of the administration. It is abundantly clear that Nigeria is departing from an import dependent economy to one that is exporting its own manufactured goods,” the statement read.
The group noted that the country’s economic growth has seen stability due to the foundation laid by the President Buhari administration, adding that the HSBC had erred in its suspicious report that claimed that Nigerians were more jobless and consequently poorer.
“The report did not factor the unprecedented programmes the Buhari administration had put in place that were creating millions of jobs in the agriculture sector, and those that were aimed at bringing millions of previously destitute Nigerians out of poverty.
“Millions of Nigerian farmers are now back in their farms due to the Anchor Borrowers Programme that is providing low interest loans to indigent farmers. The lives of these farmers have changed for the better, and testimonies abound.”
“The Buhari administration’s Social Investment Programmes has provided healthy meals to over 9 million children in public primary schools across the country; 500,000 previously unemployed young Nigerians are now meaningfully engaged with the N-Power programme, while over 290,000 families across the country are receiving a stipend of 5,000 Naira monthly to improve their living standards and allow for more disposable cash in the hands of the poorest Nigerians.”
The group went further to say that the vast infrastructural development being carried out across the country by the Buhari administration would be enjoyed and appreciated not just now but many years to come.
“A second tenure for President Buhari would give Nigeria stability, allowing the President to consolidate on these good works he has begun. Nigeria’s economy would be more stable, more vibrant and our country would be a far cry from HSBC’s predictions which we are not surprised about, given the Bank’s notoriety for its integrity deficit.”