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‘Buhari deserves credit for taking Nigeria out of recession twice’

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The administration of President Muhammadu Buhari deserves credit for taking Nigeria out of recession twice, rather than be blamed for the two economic declines in four years.

According to the Buhari Media Organisation, BMO, while reacting to UK based magazine, The Economist’s article on Nigeria, “taking a country out of economic recession twice is unprecedented anywhere in the world”.

In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO said that it was wrong for the magazine to suggest that the recessions had to do with policy failure.

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“We find it strange that a magazine of that stature would form a conclusion on the two recessions in the life of the Buhari administration without bothering to put issues in proper perspectives.

“So we are constrained to clear the air on some of the misconceptions in the writeup that has since been reproduced in the local media and is currently trending on social media.

“For starters, we acknowledge that the 2016 recession happened at a time that the All Progressives Congress (APC)-led administration had barely spent one year in office, but there are facts, even in the public domain, showing that the country’s economy had been on a downward spiral since the second quarter of 2014 as a result of a global oil slump.

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“It beggars belief that a magazine that prides itself as an authority in global economic issues was unaware of the three consecutive declines in Nigeria’s GDP in 2014 from a high of 6 per cent to 2.35 per cent by the time Buhari was sworn in on May 29 2015.

“So we make bold to say that contrary to the picture it sought to paint by describing the administration as bumbling in its handling of the economy, it actually did a good job by reversing the trend and taking the country out of recession in record time.

“A similar feat was also achieved when Nigeria, like the rest of the world, went into recession as a result of the COVID-19 pandemic in 2020, but recorded a swift turnaround that stunned the whole world.

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“It is interesting to note that the non-oil sector was instrumental to the country’s quick exit from recession by consistently contributing over 90 per cent to aggregate GDP inspite of the magazine’s claim of little or no effort to diversify the economy.

“So we wonder why a magazine which even rated Nigeria quite high in its global normalcy index could pretend that the feat was negligible even after the latest figure showed a 5 per cent economic growth”.

BMO also argued that the magazine was wrong in its assessment of the impact of the government’s decision to shut its borders in 2019.

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“When the Buhari administration opted to shut its land borders temporarily, it was a well-thought-out decision that was taken, amongst others, to boost local rice production; indeed Nigeria is today Africa’s top rice producer, but this obviously does not suit the agenda of ‘The Economist’.

“As for its claim of galloping food inflation which is put at 20 per cent this is certainly not true as a simple Google search would have shown those who wrote that editorial that it is less than that at 17 per cent after a monthly drop-in inflation rate since the first quarter of the year.

“What this means is that contrary to the impression the magazine tried to create, the Buhari administration has been steadily growing the economy at a time that countries with more structured economies are witnessing a slump.

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“This is one of the reasons we were bold to say that Nigeria will surpass the 2.7 per cent growth projection by the International Monetary Fund (IMF) for 2022.

“And lest we forget, ‘The Economist’ was quite bullish with its claim that 40 per cent of Nigerians were living below the poverty line just before COVID-19 set in. We want to refer its editors to a 2010 report by the National Bureau of Statistics (NBS) which put the country’s poverty figure at the time at about 60.9 per cent of the population.
” The 2004 figure, by the way, was 54.7 per cent so it is safe to say more people have been cycled out of poverty in recent years”.

The group reaffirmed the Buhari administration’s commitment to weaning the country of its overreliance on oil by ensuring that the non-oil sector’s contribution to the GDP is consistently high.

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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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