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JUST IN: Our economic strategy is attracting foreign investors- Buhari

By Monsurudeen Olowoopejo

In an apparent response to critics of Nigeria’s economic strategies, President Muhammadu Buhari has disclosed that his administration’s economic strategies have continuously attracted investors into the country more than what the country recorded during previous years.

Buhari said that through the economic strategies put in place by his administration, the country has been identified as one of the leading start-up ecosystems in Africa and dozens of investors were already in the country and many making their way into Nigeria to take advantage of the opportunities available within the country.

The president noted that his administration would in 2022 be leveraging on the influx of investors already within the country and others approaching agencies of government in order to have access to the benefits in Nigeria to reduce the unemployment rate across the country.

According to him, in the year 2022 and going forward, our administration would intentionally leverage on ICT platforms to create jobs, while ensuring that the diversification of our economy creates more support to other emerging sectors.

“I am proud to announce that several foreign investors are taking advantage of our ranking as one of the leading start-up ecosystems in Africa to invest in our digital economy”, he added.

Buhari disclosed these on Friday in his new year message released by his media aides, hours after signing the N17.127 trillion 2022 budget into law, assuring Nigerians that his administration would be doing more in the new year to bring dividends of democracy to them.

He noted that achievements recorded in the outgone year, in spite of the COVID-19 pandemic, would be sustained and further serve as an encouragement to intensify efforts towards mitigating its socio-economic effects on the country.

“The major wins we have recorded can be clearly seen in Nigeria’s most recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS). The 4.03% growth recorded in the third quarter of 2021 is indicative of the recovery being recorded in our economy and the confidence that is being shown through the policies that our Administration has put in place after the outbreak of the pandemic.

“We may also recall that this recent growth is closely followed by the 5.1% (year on year) growth in real terms recorded by Nigeria in Quarter 2 of 2021. This growth was one of the best recorded by any nation across Sub-Saharan Africa. The 5.1% growth at that time was and remains the highest growth recorded by the Nigerian economy since 2014.

“Despite the challenges we have faced as a Nation, the good news is that we have so far recorded four consecutive quarters of growth after the negative growth rates recorded in Quarter 2 and Quarter 3 of 2020 due to the effect of the COVID-19 pandemic”, he added.

The persistent insecurity in certain parts of the country may have threatened to unravel the incremental gains achieved in the real sectors of the economy and in the administration’s overall objective to position the nation on the irreversible trajectory of sustainable growth and progress, but I assure you that we will remain resolute in our commitments and shall continue to press ahead with our programmes and plans.

“On August 16, 2021 I signed the landmark Petroleum Industry Act into law. The signing of this legacy legislation is a watershed moment in the history of our Nation, considering the massive positive impact the new Act would have on the economy. I would like to sincerely commend the 9th Assembly for the grit they demonstrated, succeeding where others have failed, and the cooperation that led to the completion of this process after almost two decades.

“Just like I stated during the investment trips and fora that I have attended recently, the legislation is expected to serve as a liberalizing force in the energy industry, and we are optimistic that this law will provide the much-needed legal, governance, regulatory and fiscal framework for the development of the energy sector, the host communities, and Nigeria as a Nation. Our objective to increase Liquefied Natural Gas exports and expand our domestic market is still very much at the forefront of some of the policies we would be pushing in the new year”.

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