Economy on upward trajectory despite misfires, says Buhari | The Guardian Nigeria News


Despite the disruptions that characterize the global economy and internal turmoil, President Muhammadu Buhari said the Nigerian scenario continued to show resilience, maintaining an upward trajectory.

During the inauguration of the Presidential Committee on the National Economy, Buhari said that the coronavirus disease (COVID-19), the war in Ukraine and the loss of substantial volumes of oil had had a negative impact on the Nigerian economy. .

His words: “Starting with COVID-19 and now the conflict in Ukraine, the past three years have been turbulent for the global economy. Global interdependence has become more evident as we have had to deal with volatility, uncertainty, complexity and ambiguity.

“During this period, the challenges facing the world have been many, including lockdowns as COVID-19 raged, disruptions to supply chains around the world and sharp price swings.”

According to him, as the world began to recover from COVID-19, the conflict in the Black Sea region between Ukraine and Russia has aggravated the challenges already faced and created additional problems for policymakers to address.

“Our economy continues to grow, despite the negative effect of rising interest rates, a stronger US dollar and higher inflation around the world,” he said.

The president noted, however, that some of the problems could be solved internally, making it timely to bring in seasoned economic experts:

He added: “It is important to note, however, that some of the issues we need to address are unique to us; for example, the decline in our crude oil production. It is estimated that last month, August 2022, we produced less than one million barrels. The drop in production is mainly due to economic sabotage.

“With the high price of oil on world markets, producing about half of our Organization of the Petroleum Exporting Countries (OPEC) quota has robbed us of much-needed revenue and foreign exchange. The government working tirelessly to reverse this situation.

Buhari assured Nigerians that despite the backlash, necessitating borrowing, his administration remains committed to the welfare of the citizens, especially the implementation of Social Investment Programs (SIPs).

the chief economic adviser to the president, Dr. Doyin Salami; Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed; the Minister of Industry, Trade and Investment, Niyi Adebayo; The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and the Governor of Sokoto State, Aminu Tambuwal, representing the Chairman of the Nigeria Governors Forum (NGF) made presentations during the event.

Chaired by Buhari, the Presidential Committee on the Economy has Vice Chairman, Yemi Osinbajo; Chairman of NGF, Dr. Kayode Fayemi; Minister of State for Petroleum, Chief Timipre Sylva, along with Ahmed, Adebayo and others as members.

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