President Muhammadu Buhari said yesterday in Lagos that his administration’s economic policies are making the desired impact.
The impact, he said, is evident in the steady growth in the economy in the last three years.
Buhari, speaking at a meeting with representatives of the Manufacturers Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry and Nigeria Association of Small and Medium Enterprises said : ”Inflation is coming down steadily, there is stability in the exchange rate and foreign exchange is readily available for genuine business. Foreign reserves are adequate and growing; capital inflows have increased and the trade balance is positive.”
The President was also quoted by his Special Adviser on Median and Publicity, Mr. Femi Adesina, as saying that he had kept his promise to boost the economy, through blocking leakages in government finances, increasing capital expenditure and inflows, and implementing the Economic Recovery and Growth Plan (ERGP), among others.
He added: ”Growth was higher in 2017 than in 2016, data even from external sources shows that it will be higher in 2018 than in 2017. I am confident that as we stay the course, it will be better still at the end of 2019.
”We are paying off debts that were not even publicly acknowledged before now, including those owed to states, the electricity sector, oil marketers, exporters, backlog of salaries of workers and pensioners, amongst others.
”Our commitment is reflected in the resources that we are providing for infrastructure. In 2016 and 2017, capital expenditure was up to N2.7 trillion while over N800m has been released under the current budget.
”This has been complemented by the inception of the $650 million Presidential Infrastructure Development Fund which will focus initially on the Lagos-Ibadan expressway, the Second Niger Bridge, the Abuja-Kano expressway and the Mambilla hydropower plant,” he said.
The President also highlighted completed and ongoing projects in the transport and aviation sector, expressing delight that the rail projects are generating excitement across the country because it would help local businesses to grow.
”The Abuja-Kaduna railway is up and running. The Itakpe-Warri line is being test-run before going commercial. The completed portion of the Abuja light rail project is facilitating movement to the airport.
”The Lagos-Ibadan railway is nearing completion with people already taking test rides on the completed portions. We are determined to work at the same pace on the Coastal Railway Line and the line from Port Harcourt to Maiduguri.
”We completed the repairs to the runway in Abuja in record time, and just a few weeks ago, I commissioned the Baro Inland Port. All these achievements will help Nigerian businesses to grow,” he said