- The All Progressives Congress (APC) has reacted to Nigeria's re-emergence as Africa’s biggest economy
- The ruling party in a statement noted that the rank was a deliberate practice of the current administration's policies
- APC described the country's new status as a rewarding and fitting economic scorecard of the Buhari-led administration
Following Nigeria's re-emergence as Africa’s biggest economy, the All Progressives Congress (APC) on Wednesday, March 4, said the nation’s new rank was not a fluke but a product of President Muhammadu Buhari's administration's deliberate practices and policies.
Mallam Lanre Issa-Onilu, the national publicity secretary of the party in a statement said Nigeria's new economic status was a rewarding and fitting economic scorecard of President Buhari’s administration.
Nonetheless, the ruling party, bemoaned that despite the efforts of President Buhari's administration to recondition Nigeria's economy, the opposition Peoples Democratic Party (PDP) has made efforts to slow down the country's progress.
He said: “Since the Nigerian economy exited recession in 2017, the country’s economic growth has not been a fluke but a result of deliberate practices and policies of the President Buhari administration that has increased transparency in governance, diversification of the economy away from oil, improved fiscal management, and a healthy protectionist approach which has aided the growth and increased the capacity of domestic producers and in turn created jobs.
“The hugely successful anti-corruption efforts such as implementation of a Treasury Single Account that allows the government to better track and manage its resources and a more transparent government payroll and personnel system that eliminated duplication and ‘ghost workers’ has alleviated poverty and made more cash available for critical infrastructure projects.”
Issa-Onilu went on to note that the country has continued to witness economic growth despite the dwindling resources as a result of the fall in oil prices.
He added: “There is no doubt about the determination of the Buhari government to continue to take the right steps to create jobs, grow the economy, create a secure environment, massively develop our infrastructure and develop our other resources through focused and well- reasoned diversification policies.”
Meanwhile, Legit.ng previously reported that after much contention in the global business space, Nigeria finally has South Africa at its back and has become Africa's biggest economy. At whatever exchange rate - either the official N306 per dollar or the N360 mostly favoured by investors, Nigeria is at the top of the list of great economies in the continent.
With the increase in oil output and the efforts of the Central Bank of Nigeria (CBN) which significantly boosted credit growth, the nation's economy outdid the unfavourable prediction of the International Monetary Fund (IMF) for 2019.
In a related development, the spread of coronavirus may lead to global economic recession as world share markets crashed on Friday, February 28, wiping $5 trillion from the world economy.
The crash is the worst experienced since the global financial crisis experienced in 2008. The major markets in Europe slumped 2-3% while the United States government bonds also recorded lows.
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