SAT, 10 SEPT, 2022-theGBJournal| President Muhammadu Buhari Friday flaunted the resilience of the Nigerian economy while inaugurating a Presidential Committee on the National Economy.
President Buhari will Chair the Committee, and the Committee will serve as an economic ‘Emergency Room’ that will work towards keeping Nigeria on the path of economic recovery and growth, global competitiveness, inclusive development and sustainability.
The Committee aims to bring together all policy makers responsible for the economy, against the backdrop of disruptions caused by COVID-19, complications from Russia-Ukraine conflict, and the decline in the country’s oil production.
‘’Starting with COVID-19 and now the conflict in Ukraine, the past three years have been turbulent ones for the global economy, and we have all had to deal with volatility, uncertainty, complexity, and ambiguity,’’ the President reminded the Committee members.
He acknowledged that some of the issues facing the country is peculiar to it. For example, the decline in production of crude oil, essentially due to sabotage.
‘’With high price of oil in the world markets, producing at about half our OPEC quota has deprived us of much needed revenue and foreign exchange. We are working tirelessly to reverse this situation,’’ the President said.
The President added: ‘’On the bright side, our economy continues to grow despite the adverse effects of rising interest rates, a stronger US dollar and higher inflation across the world. We welcome the resilience of the economy, and we are determined to ensure that we build on this foundation.’’
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