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Buhari: Nigeria May Become World’s 14th Fastest Growing Economy - Politics - Nairaland

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Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Racoon(m): 1:30pm On Sep 25, 2022
President Muhammadu Buhari has said that Nigeria is on course to take her rightful place in the Buhari: Nigeria may become world’s 14th fastest growing economy.He stated that a report by PriceWaterhouse Coopers shows that Nigeria could become World’s 14th fastest growing economy in the next 28 years.

Already, he said Nigeria with a population of 200 million has the largest economy in Africa with over $400 billion in Gross Domestic Product (GDP).


He spoke at the Nigeria International Economic Partnership Forum,  one of the sidelines of the United Nations General Assembly (UNGA). in New York, the United States .yesterday.

The President also highlighted the gains of his administration’s investment in the security and energy sectors as well as  Nigeria’s National Development Plan (2021 – 2025). He said the development plan would help to generate 21 million full-time jobs and lift 35 million Nigerians out of poverty by 2025.

Buhari, who was represented by his Chief of Staff  Ibrahim Gambari,  assured that the projection by  PriceWaterhouse Coopers’s report was achievable going by the fact that Nigeria is presently experiencing economic growth driven mostly by the non-oil sector.

Buhari explained to the participants who were mostly investors and Nigeria’s financial partners, that the current economic growth gives credence to the diversification of the nation’s revenue base by his administration.


His words: “According to PriceWaterhouse Coopers, Nigeria could be the fastest growing African economy by 2050, and could move up the global GDP ratings to 14th in the same year, provided we succeed in our efforts to diversify Nigeria’s economy away from oil and strengthen its institutions and infrastructure.

“The International Monetary Fund (IMF) projects global growth to slow from an estimated 6.1 percent in 2021 to 3.6 percent in 2022 and 2023.For our economy, we recorded quarterly GDP growth in Q1 2022. The growth has been mostly driven by the non-oil sector, giving credence to the revenue source diversification agenda of the government.

“The agricultural sector, our most important, has remained resilient in spite of security concerns, low irrigation, limited inputs, and legacy infrastructure challenges, with strong food demand bolstering growth.

“Growth in manufacturing reflected stronger household and business consumption on account of the reopening of economic activities and improvement in supply chains.”

Buhari said the present growth in the service sector was promising, adding that privatisation, foreign investment, globalisation, and competition would further stimulate economic growth.

The President, however, admitted revenue underperformance and promised to intensify action to address the challenge. Buhari said the economy was ripe for increased investment.

“But on the contrary, private capital flows into Nigeria, consisting mainly of Foreign Direct Investment, have slowed, hindering the financing of much-needed infrastructure and natural resource access projects. My Administration is already working on innovative ways to restore these flows,” the president added.

He said a key strategy being adopted was the Integrated National Financing Strategy to identify ways to expand the financing envelope of the Sustainable Development Goals in Nigeria, integrate and align public and private financial policies.

Buhari said Nigeria’s National Development Plan (2021-2025) would generate 21 million full-time jobs and lift 35 million people out of poverty by 2025.
This, according to him, will set the stage for achieving the government’s commitment to lifting 100 million Nigerians out of poverty in 10 years.


He said: “To attain the objectives of the National Development Plan (2021 – 2025), we estimate that we would require an investment commitment of about N348 trillion. Government capital expenditure during the period will be N49.7 trillion (14.3 percent) while the balance of N298.3 trillion (85.7 percent) is expected from the private sector.

“Of the 14.3 percent government contribution, Federal Government capital expenditure will be N29.6 trillion (8.5 percent) while the Sub-National Governments’ capital expenditure is estimated to be about N20.1 trillion (5.8 percent).


“The successful implementation of this plan will, therefore, be heavily dependent on strong partnerships between the private and public sector, both within and with Development Partners outside Nigeria.”  

On the power sector, which he described as a major catalyst for Nigeria’s industrialisation, Buhari said the 614-kilometre Ajaokuta-Kaduna-Kano gas pipeline project would “enhance our energy security.”

At a Leaders’ Closed-Door Meeting on Climate Change, convened by the Secretary General of the United Nations, Mr. Antonio Guterres, the President further shed light on efforts made by his administration to enhance security and power supply.

Buhari added that the energy transition plan will integrate renewable energy forms to generate 250 Gigawatts of installed energy capacity with over 90 percent made up of renewables.

He said  in  a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, that his administration had last month launched a home-grown, data-backed, multi-pronged energy transition plan to achieve net-zero emissions by 2060.

https://thenationonlineng.net/buhari-nigeria-may-become-worlds-14th-fastest-growing-economy/?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1663898547

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by God1000(m): 1:32pm On Sep 25, 2022
Not under him and APC

36 Likes 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Corridon: 1:32pm On Sep 25, 2022
Abeg do and leave Aso rock. You irritates Nigerians.

98 Likes 6 Shares

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Racoon(m): 1:34pm On Sep 25, 2022
Same economy which you have bastardized? 14th global economy? Something you took over from the 3rd fastest growing economy?

50 Likes 2 Shares

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by nke001: 1:35pm On Sep 25, 2022
This rancor ends in less than six months time.

33 Likes 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by PandoraObi: 1:35pm On Sep 25, 2022
yes

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Racoon(m): 1:36pm On Sep 25, 2022
Buhari said Nigeria’s National Development Plan (2021-2025) would generate 21 million full-time jobs and lift 35 million people out of poverty by 2025.
This, according to him, will set the stage for achieving the government’s commitment to lifting 100 million Nigerians out of poverty in 10 years.
Another lie.This man must be high on Kunu while chewing gworo. This in not when the constricting economic policies of your government have cause so much job loss hence pushing more than 92M Nigerians into the unemployment market. Hence land more into poverty. This man still thinks he is campaigning for presidency.

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by slimfit1(m): 1:39pm On Sep 25, 2022
Buhari is smoking some strong weed, otherwise, he won't be saying rubbish like this.

22 Likes

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Creamypie(m): 1:44pm On Sep 25, 2022
Can u imagine this very daft man? After seven any half yrs of turmoil. I just hope Nigerians,will not make a bigger mistake next year from the look of affairs like this

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by bewla(m): 1:57pm On Sep 25, 2022
Still hate don't see anything

Trouble not only in Nigeria o
If you get friend for other zide call them ask
The world hard o
Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by ZKOSOSO(m): 2:12pm On Sep 25, 2022
This Chimpanzee again......
Growing economy ke....??
A tuber of Yam is 2K.
Poor man Kerosene is 1K/liter.

Weekend Enjoyment of catfish chips n some bottles now cost over 12K on the low....

Buhari, abeg how man pikin fit stepdown naaaa.....??

9 Likes 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Emeskhalifa(m): 8:17am On Sep 26, 2022
May??

1 Like

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Kingozymandias: 8:17am On Sep 26, 2022
Someone should pls use their fingers to close Baba lips pls angry

7 Likes 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by LaSenior: 8:17am On Sep 26, 2022
grin

Can I laugh please

That's after your government and party is been chased out

Never been this worse and people still get mind dey support failures and their party

11 Likes 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Nobody: 8:17am On Sep 26, 2022
Yimu. Buhari you no try at all.

1 Like

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by kennyade3h: 8:18am On Sep 26, 2022
You are right sir...after you must have left

4 Likes

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Xbobtage: 8:18am On Sep 26, 2022
Our national currency is collapsing, Please FG should wade into the crisis.

Fellow nairalanders, Fellow Nigerians,

Around Easter I warned that the naira was about to capitulate, what i didnt know at that point was that the capitulation was going to be a bottomless pit.

We are now approaching a gate of no return, our national currency is the glue that holds every other facet of our national economy. Once that glue is no longer able to keep hold, EVERYTHING ELSE COLLAPSES. We are currently at 729 our the last bastion of support we have is between 780 to 800. Once we go past this mark, the NAIRA WILL NEVER STOP FALLING. Expect to hear 1800 to Dollar before Christmas and it will not stop going down because FEAR is what drives these prices. Expect to buy a loaf of Bread at 12000 naira or more, bottle of coke 1200. Once we get there, then there is NO immediate coming back from this situation, we will stay there for years. Not even Peter Obi can save the day. The chaos that will ensue after this will be of biblical proportions. The poor will literally eat the rich. Nigerians are already naturally moblike and blood thirsty, so its very easy for the situation to gravitate to an absolute anarchy, ENDSARS on Steroids'. So those of you that have been using your face to campaign for APC because of tribe or religion but have no means to escape when shit hits the fan, remember that it will be most likely people from your own tribe and religion that will be at your doorstep to collect their pound of flesh. A hopelessly hungry man knows no tribe or religion.

Our current currency devaluation crisis has nothing to do with Corona or Ukraine or even local production, but rather a problem that typically arises when you have an absolutely clueless President who is also deaf and dumb and has no shame in parading it, a Good for nothing VP, completely inept Finance Minister and CBN Gov. The Finance minister literally said last week that the currency will not stop dumping...Something no other reasonable thinking finance minister world over will ever say in Public.

WE CAN TEMPORARILY FIX THIS, those of you campaigning for APC, if you have access to the VPs ears, They have to reannounce that the presidency will be wading into the Currency Crisis since the single window being paraded is not working, We need a US$1Billion to get this back to 560 for starts, 250 million thrown in weekly will make the masses believe that the problem is being handled and the FUD that would have sent the naira spiraling downwards can be contained for the time being. Even if there is no plan to continue this on a long term, the public should be made to believe that is a long term approach. If there is no money, salaries for certain govt parasatals or payment to certain contractors can be temporarily delayed to solve this problem.

I wonder why the VP has gone mute, his name is on the line here, if he ever was a good man, he should be doing something about this.

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by onomeabuja: 8:18am On Sep 26, 2022

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by VeryWickedMan: 8:18am On Sep 26, 2022
"May"

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Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Dozie32(m): 8:19am On Sep 26, 2022
Buhari thunder fire your lage mother and your daughter that just graduated

5 Likes

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by OkCornel(m): 8:19am On Sep 26, 2022
Critical thinking only shows all these long term trends to be lies.

Can we check the predictions these international bodies made for Nigeria in the year 2020 as far back as the 70s and 80s?

I’m pretty sure when the IMF sold that fraudulent Structural Adjustment Program to IBB’s government in the 80s, they must have predicted Nigeria would be one of the top 20 economies in the world by 2020…

But here we are right now at the bottom of the barrel, with silly leaders swallowing another fraudulent IMF prediction for 2050.

Think my people! Think!!

1 Like

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by inoki247: 8:19am On Sep 26, 2022
Lol so na Buhari dey du economy analysis now undecided undecided


A reminder tell him Xefa don leave Naira behind so I no know wetin e mean by Fastest growing economy....

2 Likes

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by thegunboyrich(m): 8:19am On Sep 26, 2022
I just wished our Government aren't corrupt..


Anyways, I build up financial Giant's. Do well to check my signature. You might be interested.
Thank me later...
Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by ecomalchemistt: 8:19am On Sep 26, 2022
Lol, oga talk another thing.

1 Like 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Enyimbamercedes: 8:19am On Sep 26, 2022
They've written nonsense for the mumu to read. Become the 14th fastest growing economy in the next 28 years


This was written by Femi
Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Femiwilli: 8:19am On Sep 26, 2022

This dullard reasons like a cow
Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by cardoctor(m): 8:19am On Sep 26, 2022
I laugh in Swahili
Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by dynicks(m): 8:19am On Sep 26, 2022
This man probably thinks the entire Nigeria is like the sweet grandeur of wealth and riches he wakes up to behold each time he rises up from his living room in asorock...

1 Like

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by Houseofglam7(f): 8:19am On Sep 26, 2022
Whatever these dudes are smoking, I can guarantee it’s not accessible to the common folks.
Top notch lunacy in display.

7 Likes 1 Share

Re: Buhari: Nigeria May Become World’s 14th Fastest Growing Economy by iHateFraudsters: 8:20am On Sep 26, 2022
Muturu danda

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