* As Nigeria Is Now Confirmed Richest Country In Africa
By Chinwendu Agoha (Governance Reporter)
The Buhari Media Organisation (BMO) has celebrated the growth in value of Nigeria’s Gross Domestic Product (GDP) from the lowest level of $404 in 2016 to a respectable $514BN in 2021, despite challenges of insecurity, unemployment, and economic recession.
The group, in a statement by its Chairman, Niyi Akinsiju, and Secretary, Cassidy Madueke, noted that the growth figure was based on the 2021 World Population Review of the World Bank which also rated Nigeria as the richest African country.
"Based on the report, Nigeria is trailed far behind by countries like Egypt, South Africa, Algeria, Morocco, Kenya, Ethiopia, Ghana, Ivory Coast, and Angola. It is also noted that based on the World Population review by the World Bank and the resultant GDP figure of $514BN, that Nigeria’s large population has been acknowledged as a positive asset for growth, prosperity, and development".
The group acknowledged that the growth in value of the country’s GDP will attract more foreign investors, help create jobs and reduce poverty in the country. It also observed that this positive growth, despite the negative impacts of Covid-19 and dwindling oil revenues, was made possible by the various policies and programs of President Muhammadu Buhari's administration which centered on diversification in various sectors of the economy including agriculture and mining.
"We note that the country is presently witnessing an upswing in the export of locally-made products, especially in the agricultural sector. The country is also witnessing an astronomical increase in the palm oil industry as in the last five years major companies like PZ Wilmar, Dufil Prima Foods, Agri Palm Limited, Presco, and Okomu, among others, have been investing heavily in the palm oil industry. All these can be attributed to the investment-friendly policies of the Buhari administration which have aided diversification and export promotion of Nigerian goods".
BMO expressed delight that "President Muhammadu Buhari administration’s policies are already stimulating the country's economy towards growth, and we shall begin to experience the full manifestation of the benefits in less than two years". NNL.
