President Muhammadu Buhari says the recovery plan of his administration is already starting to show positive result in resuscitating the economy of Nigeria.
Africa’s most populous nation is facing its worst economic recession in decades, even as various economic indices remain bleak.
“The share of Investment in GDP is at its highest since 2010. Inflation is slowing, manufacturing confidence is rising,” Buhari said in an op-ed as part of the US Africa Business Forum (USABF) 2016 co-hosted by Bloomberg Philanthropies and the U.S. Department of Commerce.
He pointed out that the Ministry of Finance has released more than 400billion Naira to spend on infrastructure since signing the 2016 budget into law in May.
“In the face of dwindling oil revenues we are turning to debt. We have commenced the process of raising a $1 billion Eurobond, our first in three years. We are also raising debt from the World Bank, African Development Bank, the Chinese Ex-Im Bank and other development finance partners.”
His article “Making ‘Africa Rising’ a Reality in Nigeria,” made available on Bloomberg is part of the USABF holding today (21st September) in New York.
One of the main priorities of the government, the president said, is creating an environment in which private sector capital can thrive.
“We are in particular using Public Private Partnership (PPP) models across the country, as we support game-changing private sector infrastructure projects in power, refining, gas transportation, and fertilizer production.
He predicted that the journey ahead remains a long and difficult one.
“Our double-digit inflation, currency turmoil, and downgraded ratings will not vanish overnight. But the real story here is not the challenges, which are all too visible, but the opportunities. We also know that the current recession is partly driven by the production outages in the Delta and the journey back to growth is within reach as we resolve the problems in that region.”