Why Peter Obi Went to Egypt and What the Country is Doing Better Than Nigeria

Why Peter Obi Went to Egypt and What the Country is Doing Better Than Nigeria

  • Egypt has lined up series of economic plans to strengthen its economy, grow its private sector and Gross Domestic Product
  • The candidate of the Labour Party in the forth coming 2023 elections, Peter Obi said he was going to Egypt to study the country's power, education, planning and financial services
  • Egypt has long been on track to better its economic fortunes aided by the world bank and has rolled out plans to achieve them

One of the top contenders for 2023 presidency, Peter Obi announced on Tuesday, June 14, 2022 that he was going to Egypt to understudy the country’s power, education, planning and finance sectors.

Many have said the presidential candidate of the Labour Party should have rather been at Ekiti State where governorship election is due to hold on Saturday, June 18, 2022 and campaign for the party’s candidate.

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Peter Obi, Economy, Egypt, Nigeria
Obi is Egypt and what Egypt is doing better than Nigeria Credit: NurPhoto / Contributor
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Others said that Peter Obi’s decision to travel to Egypt is well-thought out considering the rebounding of the country’s economy in recent times.

Recently, Egypt overtook Nigeria as the best investment destination, coming first in the Risk Management Report of 2022, while Nigeria was missing in the first 10 positions.

In 2014, before President Muhammadu Buhari came to Power, Nigeria ranked first in the best country to invest while Egypt came sixth.

What Egypt did to Overtake Nigeria

According to the World Bank, Egypt undertook exchange rate, monetary and fiscal measures in response to global trends which includes increasing prices, tightening financial conditions and fading demands to boost its economy.

The Washington-based bank stated that on March 21, 2022, the Central Bank of Egypt (CBE) allowed the exchange rate to depreciate overnight by around 16 per cent mitigate the impact of net exports deficit.

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The country also raised its policy rates by 100 basis points to curtail inflation and restrict large-scale portfolio outflows that were causing external reserve losses.

The World Bank says the country is on track to achieve higher growth in Financial Year of 2021 and 2022, saying the country’s economic activity is expected to be affected by the war in Ukraine

In its ‘Egypt Takes Off’ programme for 2018/2019 followed by the newly launched National Structural Reform Programme, the country is expecting to improve the standards of living and service delivery of all Egyptians.

Egypt’s strategy

The World Bank says it is partnering with Egypt to prepare the Country Partnership Framework (CPF) FY 2023–27, which will guide the World Bank Group’s operations and activities in Egypt.

Egypt says people are at the core of it policy and strategy, saying the new policy is focusing on boosting private sector participation and job creation.

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Nigeria’s economy increases by 3.40% in 2021, strongest growth under President Buhari: Here Is how it happened

Legit.ng reported that Nigerian economy for the first time in seven years and under the administration of President Muhammadu Buhari is ending the year with economic growth of 3 per cent.

The National Bureau of Statistics (NBS) released its latest GDP report for the fourth quarter on Thursday, 17 February 2022, revealing that Nigeria's economy increased by 3.4 per cent in 2021.

According to the report, the GDP also posted a strong recovery of 3.98 per cent in the fourth quarter of 2021 — but lower than the 4.03 per cent in the third quarter.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng