A former Governor of Kaduna State, Nasir el-Rufai, recently expressed his admiration for the second term of former President Olusegun Obasanjo, stating that it was the “most successful” period in terms of economic growth, job creation, and inflation rate in Nigeria. El-Rufai made these remarks during a session at the Africa In the World conference in Stellenbosch, South Africa.
El-Rufai highlighted that between 2003 and 2007, Nigeria experienced a remarkable economic trajectory. He emphasized that this period witnessed significant growth, job opportunities, and a decrease in inflation. He attributed this success to the integrated planning implemented by the Obasanjo government, combined with favorable circumstances.
During this period, oil prices began to rise, providing Nigeria with a financial windfall. However, El-Rufai commended the Obasanjo government for not squandering this opportunity. Instead, they wisely managed the increased revenue and invested it in the country’s development.
El-Rufai further explained that Nigeria’s fiscal health was at its peak in 2007. The country had accumulated substantial reserves, which allowed it to weather the storm when the global financial crisis struck in 2008. Nigeria’s strong financial position enabled it to absorb the shock without experiencing internal problems.
El-Rufai emphasized that Nigeria’s significant savings account played a crucial role in shielding the country from the impact of the global financial crisis. The reserves acted as a safety net, ensuring that Nigeria remained stable and unaffected by the economic turmoil.