19th August, 2022
The Presidency on Friday said so-called revisionists and ‘experts’ who claimed President Muhammadu Buhari has run the nation’s economy aground are ‘big fat’ liars.
Presidential spokesman, Femi Adesina, in his article, titled: ‘Bua Group: The other side of the Story,’ said the common, and perhaps, popular narrative for political, baleful and pernicious reasons, was for people to say that the Buhari administration has run down the economy of the country completely since its advent in 2015.
“The fact that the global economy is spiraling out of control with inflation, stagflation, recession and depression staring hitherto vibrant countries in the face does not matter. The United Kingdom battles worst inflation figures in 40 years.
“The United States of America is not faring better, with an all time high in 41 years. Turkey and South Korea, 24-year high. Russia, 20-year high. Israel, 11 years, South Africa, 13 years, Ghana, Nigeria, Rwanda, Botswana, facing 19, 17, 14, and 14, years inflation spike, respectively.
“Those playing politics with the economy want Nigerians to believe that we are the only ones in the bind. Not true. It is a global phenomenon,” he said.
According to Adesina, Nigeria recently recorded its best Gross Domestic Product (GDP) rate since 2014, but said it did not matter to the naysayers.
“All they love to trumpet is the negative part of things. No room for redeeming developments. But something happened at State House, Abuja, on Friday, last week, which shows that like a double-faced drum, what faces one direction turns the back in another direction,” he said.
Adesina said Buhari hosted the Management Team of BUA Group, led by its Chairman, Alhaji Abdulsamad Rabiu, and that it was, indeed, an eye-opening session.
“What did Alhaji Rabiu tell the President? I call it the other side of the story of the Nigerian economy since 2015.
‘Your Excellency, we are here today to thank you for your support to business and industry, as well as acknowledge the work that has been done so far by you and your government in creating an enabling environment that will secure a better Nigeria for investments, and the future. It is in this environment that BUA has thrived and become one of the success stories out of Nigeria to Africa and the world, despite the numerous global economic shocks that have occurred in the past few years since you became President in 2015.”
“Shocking. Revelatory. Insightful. Those are the words of a chieftain of the second largest conglomerate in the country. Under the Buhari administration, BUA has thrived, “and become one of the success stories out of Nigeria to Africa and the world.” And that is not what the so-called ‘economic experts’ want us to believe.
“But the BUA Chairman was just warming up. He went ahead to reel out facts and statistics. ‘Your Excellency, in 2015, when you became President, we were on the verge of transitioning from a company focused on commodity trading to one that is focused on production using locally available raw materials. We were also constructing our first greenfield cement production plant in Edo State, which the Vice President commissioned.
“That project became a pivotal moment in our history as a proudly Nigerian foods, manufacturing, mining and infrastructure company because due to the success of that investment, we became even more convinced of the need to invest further in local production across various industries in Nigeria, in line with your charge to Nigerian businesses to do more in adding value to our God-given natural and mineral resources.”
“Sounds like music in the ears. Sonorous. Resonant. Resounding. But Alhaji Rabiu was still shooting from the hips. He enumerated the successes of BUA Group under Buhari to include the following: three new cement factories of 7.5 million metric tonnes capacity in Edo and Sokoto States, additional cement plants of 6 million metric tonnes nearing completion to give BUA Cement a total capacity of 17 million metric tonnes upon completion in the second quarter of 2023.
“In sugar, the Group has added a new 750,000 metric tonnes factory in Port Harcourt, Rivers State, acquired two shipping vessels to enable it export sugar seamlessly to the rest of Africa. We also have a 20,000 hectares, 4-in-1 fully integrated sugar plantation in Kwara State with a sugar mill, refinery, ethanol plant and 350MW power plant…and upon completion, we will be producing 200,000 tonnes of refined sugar and 20 million liters of ethanol on site from the plantation.”
“All under Buhari. But that is not what the ‘economic experts’ usually want us to believe! And still more from Alhaji Rabiu, a renowned philanthropist leading a socially responsible conglomerate: ‘We have built flour and pasta factories and are expanding additional lines in Port Harcourt, to be completed at the end of this year. That should give BUA Foods a total capacity of 1.5 million mtpa of flour and 600,000tpa of pasta on completion.
“In the construction space, the Group has acquired the well known PW Nigeria, and in the oil and gas sector, has commenced a 200,000 barrels per day refinery with a petrochemical plant to also produce 300,000 tonnes of polypropylene in Akwa Ibom State.
“All under Buhari. But didn’t revisionists and so-called ‘experts’ say the President has run down every aspect of the economy? Liars. Big, fat liars, playing crude and damaging politics.”