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Nigeria’s Economic Decline Amid The Pandemic Has Been Moderate – Buhari

Muhammadu Buhari

Muhammadu Buhari

President Muhammadu Buhari has come out to say that the coronavirus pandemic has put humanity and democracy under threat.

Buhari recently revealed that his government has laid a foundation for the future success of Nigeria with the implementation of FG’s nine priority objectives.

According to him, despite the current challenges, Nigeria’s external reserves grew from $33.42 billion in the first quarter of 2020 to $36 billion.

He added that even if every other economy across the globe has suffered a decline, he is happy that the consequences in Nigeria have been fairly moderate.

His words, “On the economic front, our objectives have remained to stabilize the macroeconomy, achieve agricultural and food security, ensure energy sufficiency in power and petroleum products, develop infrastructure, fight corruption and improve governance.”

“We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.”

“Every single economy in the world has suffered a decline. Ours has been relatively moderate.”

β€œTo stabilize the economy, the Monetary Authority took steps to build the external reserves which resulted in improved liquidity in the foreign exchange market.”

β€œThe external reserves grew from $33.42 billion on April 29th, 2020 to about $36.00 billion in May 2020 which is enough to finance seven months of import commitments.”

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