Buhari blames COVID-19, insurgency, Russia-Ukraine war for underperformance despite huge loans
President Muhammadu Buhari has attributed his administration’s underperformance to various global crises that have affected Nigeria’s economy and security.
The president, who spoke on Monday at the inauguration of Dangote Refinery and Petrochemicals plants in Lagos State, said the COVID-19 pandemic, the Russia-Ukraine war, the collapse of oil prices, and over a decade of insurgency have posed severe challenges to his government.
He said these challenges have limited the government’s ability to provide basic infrastructure without resorting to huge borrowings.
He said his administration has focused on creating an enabling environment for the private sector to thrive and fill the enormous gap in investment in infrastructure and other critical sectors.
He commended Africa’s richest man, Aliko Dangote, for building the refinery, which he described as a game-changer for Nigeria and Africa.
He said the refinery, which has the capacity to process 650,000 barrels per day of crude oil, will end Nigeria’s dependence on fuel imports and create jobs and wealth for Nigerians.
He also called for the integration of African economies and the protection of the continent’s sovereignty from external interference.
He said Nigeria needs to work with other African countries to achieve the goal of agenda 2063 and create opportunities for its youthful population.
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