Former British Council Director in Abuja, David Roberts, has praised Nigeria’s economic performance, arguing that the country’s GDP growth of 3.46 percent does not warrant labeling the economy as a mess. Roberts compared Nigeria’s GDP growth favorably to Europe’s, which he noted is currently experiencing a recession.
Roberts contended that Nigeria’s fuel subsidy policy was unsustainable for a developing country, advocating instead for redirecting funds towards essential infrastructure such as schools, hospitals, dams, and railways. He emphasized the need for Nigeria to judiciously utilize funds from the fuel subsidy to restore its pre-2015 growth levels.
In a statement, Roberts highlighted the importance of improving regulatory institutions and combating corruption to bolster confidence in Nigeria’s capacity to govern effectively. He expressed concern over Nigeria’s past reliance on a fuel subsidy regime, which he deemed a wasteful expenditure.
He said: “I lived and worked in Nigeria for many years as a British diplomat and one of the issues that most disturbed me was the sustenance of the fuel subsidy regime.
“Why would a country with a severe infrastructural deficit invest more money on a wasteful expenditure such as cheap petrol, instead of building schools, hospitals, dams and a national railway system? It is evident that it had to go.
“We joined the World Bank and the International Monetary Fund in saying as much to the Nigerian government. And at long last, it is gone.
And everything we said that would happen after it goes is happening. Nigeria’s GDP is growing at 3.46 per cent while Europe is on the edge of recession.
“Her stock market just crossed 100,000 basis points, overtaking Argentina’s as the world’s most profitable stock market. And capital importation is up by 66 per cent.
“But that is not the best story. The cherry on the cake is that fuel importation into Nigeria is down 50 per cent. This means that Nigeria’s much-depleted federation account will rapidly be resuscitated.
“More funds will trickle down to the federating states from the Federal Government, and if well utilised, Nigeria could attain her pre-2015 growth levels.
“The future looks bright for Nigeria if her government can stay the course and resist the pressure to reverse the fuel subsidy removal and the flotation of the Naira.
Roberts pointed to positive economic indicators following the removal of the fuel subsidy, including GDP growth, a thriving stock market, increased capital importation, and reduced fuel importation. He emphasized the potential for Nigeria to achieve significant economic growth if the government maintains its current course and resists pressure to reverse the subsidy removal and currency flotation policies.
In conclusion, Roberts asserted that Nigeria’s economy is not in a state of disarray, citing the country’s GDP growth rate and encouraging economic indicators as evidence of its resilience and potential for further development. He urged the government to remain steadfast in its economic policies for sustained growth and prosperity.
