Former Governor of Kaduna State, Nasir El-Rufai, highlighted that Nigeria witnessed a period of economic growth, job creation, and reduced inflation during the second term of former President Olusegun Obasanjo….CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

El-Rufai made these remarks on Friday during a session at the Africa In the World conference held in Stellenbosch, South Africa.

El-Rufai emphasized that Nigeria benefited from a return to comprehensive integrated planning during that era and was fortunate to experience economic prosperity.

He noted the significance of planning committees, which he deemed “absolutely relevant” in most developing nations.

He explained, “While Nigeria does have a planning commission, its effectiveness has been limited. If you examine Nigeria’s economic trajectory, the most successful period of economic growth, job creation, and inflation reduction occurred during President Obasanjo’s second term from 2003 to 2007. During this time, the country embraced integrated planning, and we also received a stroke of luck.”

El-Rufai continued, “As oil prices began to rise, we didn’t squander the windfall because we had a well-thought-out plan. We established an excess crude account (ECA) based on fiscal rules, where any surplus above a certain benchmark crude oil price was channeled into that savings account. This allowed us to eliminate all of our foreign debt.”

He highlighted that Nigeria’s fiscal health was at its zenith in 2007, enabling the country to weather the global financial crisis of 2008 with minimal impact.

El-Rufai stated, “Nigeria was largely unaffected because we had substantial savings and significant reserves, which allowed us to absorb the shock without facing internal issues, unlike many other countries.”

To achieve accelerated economic growth, El-Rufai stressed the importance of long-term and coordinated planning, as well as the involvement of all stakeholders in the process.