• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business
Buhari to commission the Second Niger Bridge, 6 other major projects today

President, Muhammadu Buhari

Buhari says Nigeria’s stock of infrastructure to GDP doubled to over 40%

Chike OlisahbyChike Olisah
4 months ago
in Business, Business News
Share on FacebookShare on TwitterShare on Linkedin

Article summary

  • President Buhari said his administration doubled Nigeria’s stock of infrastructure to GDP to over 40% despite very low oil prices, the recession, the outbreak of the coronavirus pandemic, and the war in Europe.
  • The president urged Nigerians to look at the assets and investments that are financed by these debts and not just the country’s debt profile.
  • He said that some of the projects financed by these debts are self-liquidating.

President Muhammadu Buhari has revealed that his administration had doubled Nigeria’s stock of infrastructure to Gross Domestic Product (GDP) from about 20% to more than 40%.

President Buhari said Nigeria was able to achieve this despite the plunging of the global oil prices to almost zero at some point, the recession that was experienced by the country, the unexpected outbreak of the deadly coronavirus pandemic, and the global effects of the ongoing war between Russia and Ukraine.

This disclosure is contained in a statement issued by President Buhari on Saturday, May 27, 2023, and can be seen on his official Twitter account.

The pronouncement by the president is coming against the backdrop of criticisms over Nigeria’s rising debt profile, most of which are used to finance these infrastructures, by economic and financial experts as well as international financial institutions like the World Bank and IMF.

Some assets and investments are paid for by debt

He urged Nigerians to look at the assets and investments that are financed by these debts and not just the country’s debt profile.

President Buhari in his statement said,

  • “In eight years, I am proud to say that we have doubled Nigeria’s stock of infrastructure to GDP from about 20% to over 40%, and that is no small undertaking.
  • ‘’This happened when global oil prices plunged to almost zero when we encountered a recession that was not predicted, when we dealt with a pandemic that was unforeseen, and when we are still grappling with the global effects of an ongoing war in Europe.
  • ‘’So, as we look at Nigeria’s debt profile, I urge us to also look at the assets and investment profiles, some of which was paid for by debt and some by investment income.’’

Some projects are self-liquidating

The president insisted that without investing in infrastructure, the road out of poverty will be much tougher, adding that some of these projects are commercially self-liquidating.

  • He said, ‘’The wealth and prosperity of many nations, especially post-war Europe, was built largely on infrastructure and on debt redeemed over decades. Some of the projects are commercially self-liquidating.
  • ‘’Without investing in infrastructure, the road out of poverty is a much tougher one.’’

Download Nairametrics App for breaking news and market intelligence.
   
Tags: Coronavirus pandemicNigeria GDPPresident Muhammadu Buhari
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • FG cautions fuel station operators against pump alteration
  • Fuel Subsidy: Reducing unit OPEX in operations will reduce pump prices – Expert 
  • How Africa is becoming an emerging force in the iGaming industry 

Follow us on social media:

Recent News

Petrol price, NNPCL, PMS

FG cautions fuel station operators against pump alteration

September 22, 2023
BIG READ: Low patronage sparks fear of job losses for petrol stations  

Fuel Subsidy: Reducing unit OPEX in operations will reduce pump prices – Expert 

September 22, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In