Image: The Japan Times
Johannesburg, February 28, 2019: The African Energy Chamber and its partners wish to congratulate Muhammadu Buhari on his reelection to the Presidency of Nigeria and hope that his second mandate will achieve the set of courageous reforms undertaken by his administration since 2015.
Due to plunging oil prices, President Buhari has been faced with Nigeria’s worst recession in more than two decades following its first election to the Presidency of Nigeria in 2015. His administration has successfully managed to exit Nigeria out of its economic quagmire and put the country back on the path of recovery, and back into growth since 2017.
Now that Nigeria’s macro-economic outlook is stable and various sectors of the economy are experiencing steady growth, the Chamber hopes that President Buhari’s second mandate will continue to reform the country’s economy to spur private investment and create jobs.
This notably include the Petroleum Industry Bill, which the entire industry awaits to be signed this year. “The oil sector is what has allowed Nigeria to exit recession over the past two years and remains a pillar of the economy. As such the industry sees the the signing of the Petroleum Industry Bill as a crucial step to up investments across the value chain and provide Nigeria with the necessary resources to further drive its economic diversification agenda,” declared the Chamber’s Executive Chairman NJ Ayuk.