Just In: President Buhari says Nigeria’s economy is not badly affected by Covid-19, delivers speech on Democracy Day

Read full speech below;

Fellow Nigerians, The 2020 celebration of Democracy Day marks 21 years of uninterrupted civil administration in our dear country. This day provides us an opportunity to reflect on our journey as a nation, our achievements and struggles.

It is a day to honour our founding fathers who toiled to establish our republic and every Nigerian who has worked tirelessly to sustain it. We are celebrating this year’s Democracy Day despite the COVID-19 pandemic which afflicts our nation and the whole world.

It is indeed a very difficult time for everyone especially those who have lost loved ones to the virus and those whose sources of livelihood have been severely constrained by the stringent measures we introduced at every level of government to contain the virus and save lives.

The dedication of our health and other essential services staff towards containing this virus is a testament of our courage and resilience as a people and as a great nation, and I use this opportunity to say thank you to all of you for your service to the nation.

Sustaining our democracy thus far has been a collective struggle, and I congratulate all Nigerians and particularly leaders of our democratic institutions on their resilience and determination to ensure that Nigeria remains a shining example of democracy.

In my 2019 Democracy Day address, I promised to frontally address the nation’s daunting challenges, especially insecurity, economy and corruption. I therefore find it necessary to give an account of my stewardship on this day.

We have recorded notable achievements in the course of implementing our nine priority objectives and are establishing a solid foundation for future success.

On the economic front, our objectives have remained to stabilize the macroeconomy, achieve agricultural and food security, ensure energy sufficiency in power and petroleum products, develop infrastructure, fight corruption and improve governance.

We have witnessed eleven quarters of consecutive GDP growth since exiting recession. The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic.

Every single economy in the world has suffered a decline. Ours has been relatively moderate.

In order to stabilize the economy, the Monetary Authority took steps to build the external reserves which resulted in improved liquidity in the foreign exchange market.

The external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May, 2020 which is enough to finance seven months of import commitments.

Agriculture remains the key to our economic diversification strategy.

The Presidential Fertilizer Initiative programme continues to deliver significant quantities of affordable and high-quality fertilizers to our farmers.

This initiative has also revived 31 blending plants and created a significant number of direct and indirect jobs across the value chain.

Government is also revamping the cotton, textile and garment sector via a CBN Textile Revival Intervention Fund that would considerably reduce foreign exchange spent on cotton and other textile imports.

Through the food security initiative, we are promoting “Grow What We Eat” and “Eat What We Grow”. I am also delighted that more and more Nigerians are taking advantage of the opportunities in the agriculture and agri-business sector.

I assure you that government will continue to support the Agriculture sector through the CBN Anchor Borrowers Programme and similar schemes.

To protect our farming investments, we have deployed 5,000 Agro-Rangers and employed 30,289 in our para-military agencies. We are also integrating rural communities to the formal economy by extending access to credit and inputs to rural farmers and building feeder roads.

Our efforts on growing non-oil exports have started to yield some results. For instance, in the past year, our revenue from Cocoa and Sesame Seed increased by $79.4 million and $153 million.

Africa presents a huge opportunity for our export base diversification and we are developing our strategy to grow intra-Africa trade through the Africa Continental Free Trade Area Agreement.

Nigeria has risen by 25 places on the World Bank’s Ease of Doing Business ranking from 146th to 131st and is now rated as one of the top ten reforming countries.

This development is due to the Visa on Arrival policy, consistent promotion of initiatives that expand facilities available to Micro Small and Medium Scale Enterprises, robust electronic registration and payment system seamless processing of business registration and reduction of cost of registering business by 50%. We are confident that on-going efforts would result in further improvement of this rating.

We remain committed to expanding our mining sector. To this end, I have directed the resuscitation of the Ajaokuta Steel Plant based on Government-to-Government financing and a Public-Private Sector financing.

With foreign and domestic investments and the participation of Small Scale Miners, we are harnessing the supply value chain in gold production.

We would also be launching a fully digitized mineral rights management platform for quick processing of mineral rights application, digitization of records and plugging revenue leakages.

The Power Sector remains very critical to meeting our industrial development aspirations and we are tackling the challenges that still exist in the delivery of power through different strategies.

We are executing some critical projects through the Transmission Rehabilitation and Expansion Programme including the:

a. Alaoji to Onitsha, Delta Power Station to Benin and Kaduna to Kano;

b. 330kv DC 62km line between Birnin Kebbi and Kamba;

c. Lagos/Ogun Transmission Infrastructure Project;

d. Abuja Transmission Ring Scheme; and

e. Northern Corridor Transmission Project.

Our agreement with Siemens will transmit and distribute a total of 11,000 Megawatts by 2023, to serve our electricity needs.

On transportation, another critical sector to improving our economic competitiveness, we are growing the stock and quality of our road, rail, air and water transport infrastructure.

Through the SUKUK-Funded Road Projects, a total of 412km of the targeted 643km road projects have been completed, representing 64%.

The Presidential Infrastructure Development Fund projects are also progressing very well.

On the 2nd Niger Bridge, piling work has been completed and the approach roads are being constructed. 48% of work on this bridge has been achieved.

We have constructed 102km of the 376km Abuja – Kaduna – Kano Road, representing 38%, and the 42.9km Obajana – Kabba Road is 87.03% complete.

Furthermore, the Federal Roads Maintenance Agency has completed routine maintenance on over 4,000km of federal roads out of the 5,000km targeted.

We are extending and upgrading our railway network too. We are introducing more locomotives, coaches and wagons for the Abuja-Kaduna Rail Line.

The Central Ajaokuta – Itakpe – Warri Line has been completed and is being extended from Itakpe to Abuja on one end and from Warri Town to Warri Port on the other.

The Lagos-Ibadan Rail Line is 90% completed and would be extended to the Lagos Port which would help address the long-standing gridlock at the Apapa port.

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