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President Muhammadu Buhari’s administration in Nigeria has achieved a significant milestone by doubling the country’s infrastructure-to-GDP ratio from 20% to over 40%. Despite facing multiple challenges, such as plunging global oil prices, an economic recession, the unexpected outbreak of the COVID-19 pandemic, and the ongoing Russia-Ukraine conflict, Nigeria’s infrastructure development has made substantial progress.
President Buhari emphasizes the importance of considering the assets and investments financed by debt and highlights the transformative power of infrastructure in driving economic growth and lifting the nation out of poverty.
- Nigeria’s infrastructure-to-GDP ratio doubled from 20% to over 40% under President Buhari’s administration.
- The achievement was made despite global oil price fluctuations, economic recession, the COVID-19 pandemic, and the Russia-Ukraine conflict.
- President Buhari emphasizes the importance of considering the assets and investments financed by debt rather than solely focusing on the country’s debt profile.
Infrastructure Development Amidst Challenges
President Muhammadu Buhari proudly announced that Nigeria’s stock of infrastructure to GDP ratio has doubled from 20% to over 40% during his eight-year tenure. This significant achievement is even more remarkable considering the adversities faced by the country, including plummeting global oil prices, economic recession, the unforeseen COVID-19 pandemic, and the ongoing war between Russia and Ukraine.
Assets and Investments Financed by Debt
Responding to criticisms about Nigeria’s rising debt profile, President Buhari urged Nigerians to consider the assets and investments that are financed by these debts. He emphasized the need to look beyond the debt profile and recognize the positive impact of these infrastructure projects. The president stated that some of these projects are commercially self-liquidating, contributing to the country’s long-term economic growth.
Importance of Infrastructure Investment
President Buhari emphasized that infrastructure investment is crucial for Nigeria’s development and poverty alleviation. He highlighted how many prosperous nations, particularly post-war Europe, built their wealth and prosperity on infrastructure development, with debt being redeemed over decades. The president stressed that the path out of poverty becomes much more manageable with such investments.
Despite the hurdles faced, Nigeria’s infrastructure development has made significant strides under President Buhari’s administration. The expansion of infrastructure strengthens the country’s economic foundation and creates opportunities for sustainable growth and development.