Nasir el-Rufai, ex-governor of Kaduna state, says the second term of former President Olusegun Obasanjo was the “most successful” in terms of economic growth, job creation, and inflation rate in Nigeria.

From 2003 to 2007, Obasanjo completed his second term in office, after a preceding four-year tenure.

El-Rufai said Nigeria returned to “proper integrated planning and we also got lucky” at the time.

The former governor spoke on Friday during a session at the Africa In the World conference in Stellenbosch, South Africa.

He emphasised the need for proper planning to aid the economic growth of any country.

“We (Nigeria) have a planning commission in Nigeria but it has not been as effective,” the former governor said.

El-Rufai said planning committees are “absolutely relevant” in most developing countries.

"If you look at Nigeria’s economic trajectory, the most successful four to five-year period of economic growth, job creation, and reduced inflation was the period of the second term of President Obasanjo in 2003 to 2007, when for the first time, the country went back into proper integrated planning and we also got lucky,” he said.

“Oil prices began to rise but we did not waste the windfall because we had planned. We had an excess crude account (ECA) that was based on fiscal rule that any surpluses above a certain benchmark price of crude oil goes to that savings account.

“And with that, we were able to get rid of all our foreign debt.”

El-Rufai said Nigeria’s fiscal health was at its best in 2007, such that when the global financial crisis took place in 2008, “Nigeria did not feel anything”.

“Nothing was felt in Nigeria because Nigeria had a big savings account; we had huge reserves and we were able to absorb the shock without any internal problems unlike most countries,” he said.

To achieve accelerated economic growth, el-Rufai said long-term and coordinated planning as well as the inclusion of all stakeholders are crucial.

iammo:
No lies... we got our debt cleared thanks to Okonjo Iweala, our foriegn reserves were high thanks to Professor Charles Soludo

Zxcvbnmghtr:


I always take Prof Charles Soludo's postulations very serious. If he says something just know that he has done his calculation very well before saying it.

iammo:
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That man is a genius from secondary school up to PhD level... Distinction

Zxcvbnmghtr:


Sincerely Obasanjo had a very efficient cabinet.

iammo:


He went all out to select the best and it yielded results, I wish Yaradua never died.. and the tempo was maintained without Jonathan and Buhari



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ijustdey:

El-Rufai: Obasanjo’s second term was Nigeria’s most successful period of economic growth




https://www.thecable.ng/el-rufai-obasanjos-second-term-was-nigerias-most-successful-period-of-economic-growth/amp

Nlfpmod

slivertongue:
divisive character who supported Buhari's economic disaster

OneCandleAway:
Tinubu won't like to hear this. Man wants to be better than obj and Awolowo

iammo:


He went all out to select the best and it yielded results, I wish Yaradua never died.. and the tempo was maintained without Buhari

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BabaO2:

Stop celebrating mediocriority. obasanjo served himself not the country. No one has taken nigeria out of the wood since Yakubu Gowon era. Nigeria has been moving round same vicious circle. obasanjo damaged almost everything in the country before he left, most importantly the refineries. He started monitisation agenda for everything in this country.

OneCandleAway:
Tinubu won't like to hear this. Man wants to be better than obj and Awolowo

barinedan:
It means buhari was a total failure economically

happney65:
I said this days back and people with sense agreed with me with some agbado people beating around the bush and cursing their parents..

Even from his first term he did excellently well. His cabinet are the best till date

Ngozi Okonjo Iweala
Nasir El-rufai
Late Remi Oyo
Late Dora Akunyile
Nuhu Ribadu
Chuwemeka chikelu. A very and highly cerebral information minister who was so quiet the media reported him most times he doesn't even go out with his Aides and security
Charles Soludo. The turnaround of the banking industry is solely at his feet

OBJ brought these names and many more never before heard in the political history of Nigeria in 1999.

When It took Buhari 6months to appoint ministers,one of my very good friends were supporting it. By the time the useless Man brought out his list,it was the same set of useless people we have always known so why the delay? Bulabalu even took it further by just giving food to his boys.

The Nigerian middle class grew under him
Civil servants were living well and large. Our debts were paid after he got a debt relief for us

Ask these wayres wetin them do,they will be blabbing and beating around the bush

Useless entities.