The presidency has fired back at the Peoples Democratic Party, saying Nigeria’s economy faces no danger of collapse.
According to a statement by the media aide of the president,Garba Shehu, said in keeping with historical trends, there is less economic activity during the electoral cycle. For instance, he pointed out that the economy grew by 2.35% in Q2 of 2015 and 3.96% in Q1 of 2015 as compared to 5.94% in Q4 of 2014
According to him, while foreign direct investment can help, it is not the only source of investment in the economy, he pointed out that there is also domestic investment which is either undertaken by the government or by the private sector
He said “It is also noteworthy that capital importation into Nigeria grew by 216% in the first quarter of 2019 as compared to the last quarter of 2018. Indeed, foreign portfolio investment (which is still foreign investment) was $7.14 billion in the first quarter of the year
“A look at business pages in newspapers shows that there is a lot of business activity going on in the country
” Two stories in today’s paper point to increasing economic activity. First is that the profit of UACN grew in the first half of this year by 61% (pg 12 The Nation)
” Second is that Business Day (pg1) states that cargo imports jumped by 21% in the first half of 2019. Increasing imports is a pointer to greater economic activity and the availability of foreign exchange with which to conduct business.
“A major constraint to business was the Apapa gridlock which a number of companies had listed as the major impediment to doing business. This situation has improved tremendously (see pg 23 of The Nation)
In his first four years, Shehu explained that President Buhari improved relations with China, the U.S. and Europe and has won their support for the administration’s development agenda.
He added that President Buhari has channeled unprecedented sums of money into infrastructure development. Capital spending has been kept at about 30 percent of annual budgets.
“Construction of roads, highways, public transport and airports have sharply increased. Government is spending heavily on power. This, combined with private sector investment has grown generation capacity to 13 megawatts.
“All said and done, President Buhari remains the best hope for the Nigerian economy. The country needs change and this remains the person with the will and determination to deliver,” he stated.
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