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Quadri Yahya
President Muhammadu Buhari has boasted that the economy witnessed growth during his regime ,
He said the Gross Domestic Product (GDP) rises with 4.03% growth in the third quarter of 2021.
In his New Year message, Buhari said his administration’s achievements are remarkable despite the pandemic and its effect on world economy.
He claimed his administration recorded unprecedented feats in the economic sector of the country.
The president put it thus: “On the economy, we have shown a high level of resilience to record some significant achievements despite the turbulence that has characterized our economy and indeed the global economy. The lessons we have learned and keep learning from COVID-19 have encouraged us to intensify efforts to mitigate its socio-economic effects on our Nation.
“The major wins we have recorded can be clearly seen in Nigeria’s most recent Gross Domestic Product (GDP) figures released by the National Bureau of Statistics (NBS). The 4.03% growth recorded in the third quarter of 2021 is indicative of the recovery being recorded in our economy and the confidence that is being shown through the policies that our Administration has put in place after the outbreak of the pandemic.”
He further said, “We may also recall that this recent growth is closely followed by the 5.1% (year on year) growth in real terms recorded by Nigeria in Quarter 2 of 2021. This growth was one of the best recorded by any nation across Sub-Saharan Africa. The 5.1% growth at that time was and remains the highest growth recorded by the Nigerian economy since 2014.
“Despite the challenges we have faced as a Nation, the good news is that we have so far recorded four consecutive quarters of growth after the negative growth rates recorded in Quarter 2 and Quarter 3 of 2020 due to the effect of the COVID-19 pandemic”.
Buhari recalled that the Petroleum Industry Act signed by him is “watershed moment in the history of our Nation”.
“On August 16, 2021 I signed the landmark Petroleum Industry Act into law. The signing of this legacy legislation is a watershed moment in the history of our Nation, considering the massive positive impact the new Act would have on the economy. I would like to sincerely commend the 9th Assembly for the grit they demonstrated, succeeding where others have failed, and the cooperation that led to the completion of this process after almost two decades”, he said.
