Dangote Refinery: Buhari Lists the Reasons His Government Obtained Massive Loans and Performed Poorly

Dangote Refinery: Buhari Lists the Reasons His Government Obtained Massive Loans and Performed Poorly

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.

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.

 

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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.

 

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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.

 

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“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.”


Bruno Kelvin

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Comments
Godstime Kenneth 35 w

Hmmm

 
 
ego glory 35 w

fast

 
 
Babalola Temitayo 36 w

Hmm. It is well oo

 
 
Happiness Daniel 36 w

Lol

 
 
Abu Moses 40 w

Hmmm

 
 
Innocent Sampson 40 w

Funny!!

 
 
Fortune Dabiri 40 w

Everytime excuses

 
 
Gracy 40 w

These is always an excuse

 
 
Joseph Imiewanlan 41 w

A big mistake of a president...

And we're about to make another mistake come May 29th.

 
 
John Enenche 41 w

So he wants to base his success of his administration on someone sweart and headwork this government Sha.