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Home Business News Business

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

Chike Olisah by Chike Olisah
May 28, 2023
in Business, Business News
supreme court, Muhammadu Buhari

Muhammadu Buhari

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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.

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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.’’

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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.

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