By Bilesanmi Abayomi
Nigeria’s outgoing President, Muhammadu Buhari, has issued a heartfelt apology to the citizens of the country for the adverse effects of certain economic policies implemented during his tenure aimed at revitalizing the nation’s economy.
One such policy, the Central Bank of Nigeria’s (CBN) naira redesign initiative, drew considerable attention. It was suspended on March 13 after causing a scarcity of naira notes nationwide, resulting in hardship, anguish, humiliation, social unrest, and even loss of lives among Nigerians. Banks and their Automated Teller Machines (ATMs) became targets of angry protests by disgruntled youths.
However, on March 3, the Supreme Court extended the validity of the N200, N500, and N1,000 notes until December 31, effectively restoring stability to various socio-economic activities in the country.
President Buhari acknowledged the impact of these policies, stating, “In the course of revamping the economy, we made some difficult choices, most of which yielded the desired results. Some of the measures led to temporary pains and sufferings for which I sincerely apologize to my fellow countrymen, but the measures were taken for the overall good of the country.”
The President emphasized that Nigeria’s economy has grown more resilient due to the implementation of various strategies aimed at ensuring its stability during global economic downturns. Buhari highlighted the country’s adept response to the COVID-19 pandemic as a global best practice.
Furthermore, he highlighted efforts to empower impoverished and rural Nigerians, increase food production for millions in villages, and provide economic opportunities for women. The President also noted the support given to young men and women in urban areas to utilize their skills productively.
Buhari affirmed that his administration fostered an enabling environment for the private sector, ensuring a guaranteed return on investments. He credited the private sector as a strong partner in building a resilient and sustainable economy, evident through the growing number of turnkey projects across various sectors.
Regarding infrastructure development, President Buhari announced the successful completion of legacy projects aimed at driving economic growth. Notable among them are the passage of the Petroleum Industry Act, the completion of power projects, the Second Niger Bridge, and the construction of crucial roads connecting cities and states.