On Monday, President Muhammadu Buhariexplained why his administration underperformed despite receiving massive loans from Nigeria's benefactors.

The Nigerian leader, who was one of the special guests at the inauguration of DangoteRefinery and Petrochemicals plants in Lagos State, South West Nigeria, on Monday, stated that global crises such as the Coronavirus pandemic and the Russia-Ukraine war were among the most significant challenges affecting Nigeria's financial situation.

Buharialso cited insurgency as one of the factors hindering the performance of his administration.

ALSO READ: A Ekiti, Buhari ya kaddamar da aikin TETFUND na Naira biliyan daya.

He said, “Our economy, which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency, has also been impacted by several external crises, including the global financial crisis – the collapse of the oil prices, covid-19 and Russia/Ukraine war.''

“The consequences of these challenges constitute a severe strain in our economy, limiting the Government’s ability to provide basic infrastructure without resulting in huge borrowings. Our Government, therefore, took the decision to focus on creating an enabling environment for the private sector to thrive and fill the enormous gap in investment not only in infrastructure but also in all critical sector sectors.”

Buhari acknowledged that without the active participation of the private sector and a strong commitment to public-private partnership, the nation's economy will continue to decline and inhibit economic development.

ALSO READ: 29 May: View Program Outline As Daura Prepares To Receive Buhari

The Nigerian head of state stated that the government should continue to foster an enabling environment and promote innovative public-private partnerships across all sectors of our economy. “Our administration has demonstrated its commitment to this in many areas such as executive orders 007 of 2019, which facilitated that.”

Dangote Refinery and Petrochemicals facilities are able to refine 650,000 barrels of crude per day.

Buhari, while praising Aliko Dangote, Chairman of the Dangote Group of Industries, for placing Nigeria on the map through his bold, visionary, and courageous investments in key industries, noted that the completion of the refinery was a significant achievement.

ALSO READ: BREAKING: Court to Stop Tinubu's Inauguration - Lawyer Took Steps

“on our economy and a game changer for the downstream petroleum product market, not only for Nigeria but to the entire African continent.”

He, however, advocated the unity of Africa in order to achieve the goal of agenda 2063, adding that;

“we must integrate our economies, eliminate various threats and energise our youthful population to scale up our protective capacity.

“We must create necessary conditions for our private sector to grow and partner with the Public sector to accelerate economic growth across the continent. We must not allow outside powers to choose some of our leaders to destabilize our economy and our political trajectory.”