Nigeria is on course to retake her due place in the Buhari: According to President Muhammadu Buhari, Nigeria may become the world’s 14th fastest growing economy. Nigeria’s economy may develop at the 14th-fastest rate in the world over the next 28 years, according to a PriceWaterhouse Coopers analysis.
The greatest economy in Africa, with a GDP of more than $400 billion, is found in Nigeria, which has a population of 200 million (GDP).
In New York, the United States, he delivered a speech at the Nigeria International Economic Partnership Forum, one of the UNGA’s side events.
Advertisements
yesterday.
The President also emphasized Nigeria’s National Development Plan and the benefits of investments made by his administration in the security and energy sectors (2021 – 2025). By 2025, he claimed, the development plan would contribute to the creation of 21 million full-time jobs and the eradication of poverty for 35 million Nigerians.
The estimate made in the PriceWaterhouse Coopers report, according to Buhari, who was represented by his chief of staff Ibrahim Gambari, was said to be attainable given that Nigeria is currently enjoying economic growth that is mostly driven by the non-oil sector.
Advertisements
The majority of the attendees were investors and Nigeria’s financial partners, and Buhari highlighted to them that the nation’s present economic progress supports his administration’s diversification of the country’s revenue source.
If we are successful in our efforts to diversify Nigeria’s economy away from oil and enhance its institutions and infrastructure, Nigeria might have the fastest growing economy in Africa by 2050 and get to the 14th position in the global GDP rankings in the same year.
The International Monetary Fund (IMF) forecasts that between 2022 and 2023, the rate of global growth will drop from an expected 6.1 percent to 3.6 percent.
Advertisements
In Q1 2022, our economy experienced quarterly GDP growth. The non-oil sector has been primarily responsible for the expansion, supporting the government’s policy of diversifying its revenue sources.
“Despite security worries, inadequate irrigation, a lack of inputs, and problems with our aging infrastructure, the agriculture sector, which is our most significant one, has remained robust, with strong food demand supporting growth.
The strengthening in supply chains and the resumption of economic activity led to growth in manufacturing, which represented improved consumer and business spending.
Buhari praised the service sector’s current progress and added that competition, globalization, foreign investment, and privatization would all further spur economic growth.
However, the President acknowledged the revenue underperformance and pledged to step up efforts to remedy the issue. Buhari declared that more investment was welcome in the economy.
However, private money flows into Nigeria, primarily in the form of foreign direct investment, have slowed, making it more difficult to finance projects that would improve access to natural resources and infrastructure. The president continued, “My Administration is actively developing creative solutions to reestablish these flows.
According to him, a crucial method being used is the Integrated National Financing Strategy, which integrates and aligns public and private financial policies in order to find ways to increase the financing available for Nigeria’s Sustainable Development Goals.
By 2025, according to Buhari’s National Development Plan for Nigeria (2021–2025), 35 million people will be lifted out of poverty and 21 million full-time jobs will be created.
According to him, this will pave the way for the government’s goal of rescuing 100 million Nigerians from poverty in ten years.
He stated, “We anticipate that we would need an investment commitment of roughly N348 trillion to achieve the objectives of the National Development Plan (2021–2025). Government capital spending during the period will total N49.7 trillion (14.3%), with the private sector estimated to cover the remaining N298.3 trillion (85.7%).
“Of the 14.3 percent government contribution, the capital expenditure for the Federal Government would be N29.6 trillion (8.5 percent), and the capital expenditure for the Sub-National Governments is projected to be roughly N20.1 trillion” (5.8 percent).
Strong relationships between the public and commercial sectors, both inside and outside of Nigeria, will therefore be crucial for the successful implementation of this plan.
The 614-kilometer Ajaokuta-Kaduna-Kano gas pipeline project, which Buhari called as a key driver for Nigeria’s industrialization, will “improve our energy security,” he said.
The President provided additional details about the initiatives taken by his administration to improve security and electricity supply during a Leaders’ Closed-Door Meeting on Climate Change that was called by Mr. Antonio Guterres, the Secretary General of the United Nations.
Additionally, according to Buhari, the energy transformation plan will incorporate renewable energy sources to produce 250 Gigawatts of installed energy capacity, more than 90% of which will come from renewable sources.
According to a statement from his Special Adviser on Media and Publicity, Mr. Femi Adesina, his administration announced a multi-pronged, homegrown energy transition strategy last month with the goal of achieving net-zero emissions by the year 2060.
6 comments