Opinion
Nigeria: Sustaining Economic Growth under a Buhari administration
By Obinna Chima
The incoming administration must ensure that its economic policies are geared towards elevating the living conditions of Nigerians as well sustaining the country’s economic growth.
Despite the hurdles and obstacles that continue to hinder the Nigerian economy from realizing its full potential, the country, has been on the right path of growth since 1999 when its current democratic journey started.
Nigeria, clearly, is a different place now from what it was when it began the journey towards democratic governance 16 years ago. The country has grown to be the largest economy in Africa, with key reforms in various sectors of the economy opening doors for the influx of both local and foreign direct investments in critical sectors of the economy.
Of course, Nigeria’s democratic credentials were further consolidated with the recent peaceful outcome of the presidential election that saw the emergence of Major General (retired) Muhammadu Buhari as the president-elect. He defeated the incumbent, president Goodluck Jonathan.
Buhari satisfied the constitutional requirement of polling the majority votes of 15.4 million, compared to president Jonathan’s 12.9 million total votes, while also winning at least 25 percent of the votes cast in 28 states.
Prior to the electoral contest, they were the two contending words – Change vs Transformation.
As a result of the uncertainties prior to the elections, the Nigerian economy suffered certain setbacks against the backdrop of weakening macroeconomic variables including: the weakening exchange rate, the drop in global oil prices, inflation and massive outflow of foreign portfolio investments. These rubbed off on the financial market as investors became overtly cautious to jettison fundamentals for fear of the unknown. Investments were on a halt while investible funds stayed on the sideline. Therefore, with the successful completion of the election, experts have stressed the need for the incoming administration to focus on policies that would engender sustainable development of the country.
Awaiting the ‘Change’
Analysts at Afrinvest West Africa Limited stated that the victory and emergence of Buhari points to the dawn of a new era in Africa’s largest economy.
“When the President-elect assumes office on the May 29, 2015, the Nigerian masses will look up to him for “Change” in the country that has seen 16 years of unbroken reign of the ruling Peoples Democractic Party (PDP). Hence, the question in the mind of many is, how soon will this ‘Change’ come?”
