Nigeria’s Recovery From Recession Is Complete, Says Buhari

LAGOS (Capital Markets in Africa)  – Nigeria’s economy has fully recovered from a recession in 2016, President Muhammadu Buhari said in a nationally televised speech before Saturday’s general elections in which he is seeking a second four-year term.

“The recovery of the economy from recession is complete and Nigeria is back on the path of steady growth,” Buhari, 76, said.

Gross domestic product in Africa’s largest oil producer and most populous nation expanded 1.9 percent last year, the most since 2015, the year Buhari was first elected, the National Bureau of Statistics said Tuesday.

The vote is expected to be a close contest between Buhari, an ex-military ruler, and the main opposition candidate, Atiku Abubakar, 72, a former vice president. While Buhari has vowed to focus on structural reforms to boost the oil and non-oil sectors, Abubakar has pledged to pursue more market-friendly policies, including floating the currency and selling stakes in the state petroleum company.

Most elections since Nigeria gained independence from the U.K. in 1960 have seen some degree of violence and rigging allegations. Buhari, Abubakar and other presidential candidates signed an agreement Wednesday to maintain peace and respect the outcome of the vote.

The government is committed “to the conduct of free and fair elections in a safe and peaceful atmosphere,” Buhari said in his address.

Source: Bloomberg Business News