EIU’s comment on resilient economy reflects well on President Buhari — BMO

The Economist Intelligence Unit, (EIU’s) description of Nigeria’s economy as ‘a resilient one’ is a testimony to the good works of the President Muhammadu Buhari administration in the last seven years.  The Buhari Media Organisation (BMO) said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that it was not surprising that the team of analysts from the influential magazine is now reviewing its country’s economic forecast upward from 2.9% to 3.1%.

BMO said, “Our attention has been drawn to the conclusion by the EIU on the Nigerian economy, on the watch of President Buhari at the global stage, that is going largely unnoticed locally in the midst of rising inflation.

“To quote the research and analysis division of The Economist; ‘The Nigerian economy has been more resilient to multiple headwinds, both external and domestic, than anticipated, growing by 3.4% in Q2 of 2022 and powered by services. Our full-year growth rate forecast has inched up from 2.9%  to 3.1%.’

“We see the position as a reflection of the policies and initiatives that have in the last few years been put in place by the Buhari administration to stabilize an economy that was always susceptible to the slightest of external factors.

“For the avoidance of doubt, the Buhari administration assumed office in the middle of a global oil slump that began in mid-2014 and had begun to affect financial accruals to all tiers of government, so it introduced the Economic Recovery and Growth Plan (ERGP) with a view to restoring growth and building a more competitive economy, in the aftermath of the 2016 recession.

“And just as the ERGP was winding down in 2020, the world was gripped by a global pandemic that led to the introduction of the Economic Sustainability Plan (ESP) supervised by Vice President Yemi Osinbajo as part of the country’s COVID-19 recovery strategy. In announcing the N2.3 trillion plan, the Buhari administration announced that it was in order to ‘stimulate and diversify the economy, retain and create jobs, and extend more protections to the poor.’

“This is aside from no fewer than 37 interventions by the Central Bank of Nigeria (CBN) estimated at N1.3 trillion and targeted at various sectors of the economy from manufacturing to agriculture.

“We want to place it on record that even medium and small-scale businesses were not left out, and not surprising, Nigeria stunned the rest of the world by exiting the COVID-induced global recession faster than many established economies.

“Although the country is not exactly safe from the inflationary trends as a result of the Russia-Ukraine war which EIU admits is pushing up inflation worldwide, we make bold to say that the Buhari administration is not leaving things to chance and would continue to build a resilient economy.”

The group maintained that President Buhari remains committed to leaving the country better than he met it on assuming office in 2015.

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