Despite the public outcry over the difficult economic situation that has lingered within Nigeria over the past 3 years, it surprised many to know that the revival of Nigeria’s economy has gained momentum under the guidance of President Muhammadu Buhari. Forbes Africa has confirmed this fact rating Nigeria as one of the top 10 most improved economies in 2016/2017.
The economic revival has been attributed to President Buhari’s Economic Recovery and Growth Plan Programme (ERGP) which has been relentless in its ambitious targets to yield results. Although energy sales in Nigeria account for up to 80 percent of all government revenue and more than 90 percent of the country’s exports, Agriculture and ICT sectors have flourished, providing steady growth, employment, and investment opportunities. The ERGP programme was tailored towards making Nigeria import independent by promoting made in Nigeria goods and has come a long way in doing so with the help of the I&E Forex initiative introduced by the CBN.
This shows that Nigeria’s incumbent president’s harsh strategy to revive the economy is not as futile as many thought. The Nigerian government has stated its determination to provide a profound and long-term change in economic prosperity and stability, which we certainly hope becomes apparent soon.