The Presidency on Wednesday described President Muhammadu Buhari as the best hope for the Nigerian economy.
According to the presidency, the economy grew by 3.96% in the first quarter of 2015 and 2.35% in the second quarter of 2015, compared to the 5.94% in the fourth quarter of 2014 under Ex-President Goodluck Jonathan’s administration.
Despite the obvious record, the presidency says that there was always less economic activity during electoral cycle, but in the first quarter of 2019, capital importation into Nigeria grew by 216%.
Mr. Garba Shehu, President Buhari’s Senior Special Assistant on Media, noted that foreign investment in the first quarter of 2019 was $7.14billion.
He noted that Buhari had improved the country’s relations with China, United State, United Kingdom and the Europe.
Shehu said that Buhari had channelled huge sum of money into infrastructural development.
The statement came despite records of Nigeria’s bad economic performances since President Buhari came into office in 2015.
Naija Buzz News in April published a report in which the World Bank revealed that Nigeria’s economy is slipping.
The United Nations Development Programme (UNDP) recently on July 11 revealed that over 98million Nigerians were living in multi-dimensional poverty.
The National Bureau of Statistics reported loss of over 6million jobs since 2015 when Buhari became president.
It is very obvious that the economic situation in the country has shifted Foreign Direct Investment from Nigeria to other nations like Ghana.
Mallam Muhammad Sanusi, the Emir of Kano who was a former Governor of the Central Bank of Nigeria, recently revealed that Nigeria is heading to bankruptcy.
The former CBN governor noted that Buhari must tell Nigerians the truth, because the country is collapsing already.
Read the statement by the presidency below;
“While foreign direct investment can help, it is not the only source of investment in the economy. There is also domestic investment, which is either undertaken by the government or by the private sector,” Mr. Shehu said.
“It is also noteworthy that capital importation into Nigeria grew by 216 per cent in the first quarter of 2019, compared to the last quarter of 2018,” he added.
“A look at business pages in newspapers shows that there are a lot of business activities going on in the country.
“Two stories in today’s paper point to increasing economic activity.
“First is that the profit of UACN grew in the first half of this year by 61 per cent.
“Second is that Business Day (page 1) states that cargo imports jumped by 21 per cent in the first half of 2019. Increasing imports is a pointer to greater economic activity and the availability of foreign exchange with which to conduct business.”
“Construction of roads, highways, public transport and airports have sharply increased. Government is spending heavily on power.
“This, combined with private sector investment, has grown generation capacity to 13 megawatts.
“All said and done, President Buhari remains the best hope for the Nigerian economy.
“The country needs change and this remains the person with the will and determination to deliver,” he added.
Princess Ada is a Senior Content Creator and Head of Field Reporters at Naija Buzz News. She is a graduate of The Federal Polytechnic Nasarawa, Nasarawa State, where she studied Accounting before joining the media industry. She’s well experienced in Nigeria’s online media space. Ada previously worked as the Head of Business Operations at 1Push.Ng. She is a proud Igbo from Enugu State, South-East Nigeria.