Nigeria’s Stock Market Is Now One Of The Best – Femi Adesina

Femi Adesina has listed 17 Achievements of the Buhari-led administration on his facebook page.

Some of them are,

1. Nigeria exited its worst recession in decades. After five quarters of negative growth, the economy bounced back into positive territory. Agriculture was one of the stars of 2017, posting consistent growth levels even throughout the recession. Also, Inflation fell for ten consecutive months during 2017 (February to November).

2. The Naira stabilised against the dollar, after the Central Bank introduced a new forex window for Investors and Exporters. The stability has attracted billions of dollars in portfolio investments since April 2017.

3. On the back of a stable Naira and increased investment inflows, Nigeria’s stock market emerged one of the best-performing in the world, delivering returns in excess of 40 percent.

4. Nigeria saw bumper food harvests, especially in rice, whose local production continues to rise significantly (States like Ebonyi, Kebbi, Kano leading the pack, with Ogun joining at the end of 2017). The price of a 50kg bag of rice – a staple in the country – has fallen by about 30 percent since the beginning of 2017, as local production has gone up.

5. The Federal Government launched a 701 billion Naira Intervention Fund (‘Payment Assurance Programme’) aimed at supporting power generation companies to meet their payment obligations to gas and equipment suppliers, banks and other partners. The impact is being felt, the amount of power being distributed is now currently steady at around 4,000MW – higher than previously recorded.

6. The Federal Government began paying pensions to police officers who were granted Presidential pardon in 2000 after serving in the former Biafran Police during the Nigerian Civil War. These officers, and their next of kin, have waited for their pensions for 17 years since the Presidential pardon.

7. Nigeria rose 24 places on the World Bank’s Ease of Doing Business rankings, and earned a place on the List of Top 10 Reformers in the world.