economy

2021 REVIEW: FG says economy Grew in 2021, amidst inflation & general hardship

The Federal Government of president Muhammadu Buhari has said the country’s economy saw some growth in the last year.

With 2021 all but done for, the Commander-in-Chief made this known in his New Year Address. The President insisted that despite the many challenges, the most populous black nation on earth had the best GDP growth in Sub Saharan Africa.

Picture used to illustrate story.

“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,” said Buhari.

2021 witnessed an increase in the prices of everything, from candy to gas, which led to widespread lament from Nigerians. But the Federal Government said the wins in the financial sector has been felt by all.

“The major wins we have recorded can be clearly seen in Nigeria‚Äôs 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 continued.

“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.”

He added, “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.”

Despite removing fuel subsidy which caused a hike in the cost of petrol, he also listed the signing of the Petroleum Industry Act into law as one of Administration’s wins in the last year.

“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.”

“Just like I stated during the investment trips and fora that I have attended recently, the legislation is expected to serve as a liberalizing force in the energy industry, and we are optimistic that this law will provide the much-needed legal, governance, regulatory and fiscal framework for the development of the energy sector, the host communities, and Nigeria as a Nation.

“Our objective to increase Liquefied Natural Gas exports and expand our domestic market is still very much at the forefront of some of the policies we would be pushing in the new year.

“In year 2022 and going forward, our Administration would intentionally leverage ICT platforms to create jobs, while ensuring that the diversification of our economy creates more support to other emerging sectors. I am proud to announce that several foreign investors are taking advantage of our ranking as one of the leading start-up ecosystems in Africa to invest in our digital economy.”

Categories: economy

Tagged as: , ,

Leave a Reply