President Muhammadu Buhari has revealed how Nigeria’s gross domestic product improved and experienced growth over the past nine consecutive quarters.
Speaking during the presentation of the 2020 budget at the National Assembly on Tuesday, President Buhari said the continuous recovery reflects the economy’s resilience which shows his government’s economic policies are working thus far.
He also stated that his administration succeeded in significantly reducing inflation from a peak of 18.72 percent in January 2017 to 11.02 percent by August 2019. Adding that this was achieved through effective fiscal and monetary policy coordination, exchange rate stability and sensible management of our foreign exchange.
President Buhari further said that his government has sustained accumulation to its external reserves, which have risen from US$23 billion in October 2016 to about US$42.5 billion by August 2019.
Mr Buhari noted that the increase is largely due to favorable prices of crude oil in the international market, minimal disruption of crude oil production given the stable security situation in the Niger Delta region and the nation’s import substitution drive, especially in key commodities.
He stressed that the foreign exchange market has also remained stable due to the effective implementation of the Central Bank’s interventions to restore liquidity, improve access and discourage currency speculation. Adding that special windows were created that enabled small businesses, investors and importers in priority economic sectors to have timely access to foreign exchange.