Politics

Nigerian economy growing despite decline in 2020 -Buhari

Published

3 years ago

October 11, 2021

President Muhammadu Buhari has stated that the nation witnessed tremendous economic growth despite the recession in the second and third quarters of 2020.

Buhari stated this at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organized to assess progress made towards the achievement of the nine key priorities of his administration on Monday in Abuja.

‘The GDP grew from 0.8% in 2017 to 2.2% in 2019, but declined in the first quarter of 2020, as a result of the downward trend in global economic activities triggered by the COVID-19 Pandemic.

‘‘As at Second Quarter 2021, GDP growth rate was at 5.01%, the highest since the inception of this Administration,” he said.

The President also highlighted some of the Federal Government’s notable achievements in the last two years.

He listed accomplishments in the areas of infrastructure, transportation, economy, electricity supply, the petroleum industry, among others.

‘‘On transportation, we are growing the stock and quality of our road, rail, air, and water transport infrastructure.

‘‘The PIDF projects are also advancing remarkably. These include the 11.9km Second Niger Bridge, 120 km Lagos-Ibadan Expressway, 375 km Abuja – Kaduna – Zaria – Kano Expressway, and the East-West Road. Most of these projects are expected to be completed within this 2nd term of our Administration,’’ he said.

Ripples Nigeria gathered that the projects are being executed under the Presidential Infrastructure Development Fund (PIDF).

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