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It’s Doubtful Nigeria Has Exited Recession – Atiku
Former Nigerian Vice President, Atiku Abubakar, last Friday said it was doubtful whether Nigeria has indeed exited recession.
Mr. Abubakar made this known in his keynote address while picking the Silverbird’s 2017 Man of the Year Award in Lagos.
“Last year,” Mr. Abubakar said, “we celebrated the fact that we exited our first recession in 25 years. To me, that celebration was premature.
“After contracting for five consecutive quarters, Nigeria came out of recession in the second quarter of 2017 with a GDP growth rate of 0.55 per cent. In the third quarter, we fared better with 1.40 per cent.
“While this looks somewhat like we exited the recession, the reality is that when you factor in our population growth rate of 2.3 per cent, which is one of the highest in the world, have we really exited a recession? Technically, yes, but in reality, it is doubtful.”
The former vice president remarked that Nigeria is going through a lot of challenges in the area of unity, economy and security.
“These challenges are actually symptoms. They are not the ailment. And as any doctor will tell you, you cannot get genuine long-lasting relief if you treat symptoms. You have to target and treat the root cause of the disease.
“What is happening in Nigeria is that as a nation, we are caught up in a modern-day Malthusian Trap. For years, our population has been growing faster than our Gross Domestic Product, bringing us to a point where we have an ever-increasing population competing for resources that are not keeping pace with population growth.
“It may sound simplistic, but if Nigeria can assemble a leadership focused on getting us out of this Malthusian Trap by gradually reversing the trend where population growth exceeds GDP growth, many of these challenges we are currently facing will slowly but surely fade away,”
In February 2018, he said, Nigeria has just overtaken India as the world’s capital of extreme poverty according to the World Poverty Clock. He argued that there are more extremely poor people in Nigeria than there are in India, a country that has six times Nigeria’s population.
“When people do not have jobs and the means to start a business are beyond their reach, they are incrementally much more likely to engage in criminal behaviours like terrorism, kidnapping, militancy and armed robbery,” he noted.
“According to the African Development Bank, in 2017, 18 African countries grew their Gross Domestic Product above 5%. Nigeria, which was number one in 2014, was not amongst these nations. We must figure out what has happened in the intervening years between 2014 and 2018 and fix what went wrong.
“What happened to brilliant initiatives like the YouWIN programme which gave Nigerian youths the training and funding to start their own businesses?”
The former vice president also argued that Nigeria needs to be restructured, in order to fix “Nigeria’s broken systems and not just a campaign gimmick that we fish out of our magic hats and deny after we have gotten what we want.”
“Let me say this: The Restructuring that I, Atiku Abubakar, envisions, will see no state receive less money from the federation account than it currently does. I hope that will ease the anxieties of some who oppose restructuring. Restructuring will not cheat you. It will free you.
“When I was in government, we reduced recurrent expenditure by introducing the monetisation policy and by privatising many government enterprises, especially those that were consuming resources without generating revenue. Those policies have been bastardized today and we have seen a ballooning of our recurrent expenditure and shrinkage of our capital expenditure. We must return to the basics.”
Mr. Atiku noted that the nation cannot spend 70 per cent of its budget on recurrent expenditure at a time Nigeria has more unemployed or underemployed people than the entire population of the Republic of Cameroon.
He said, “Many of you in the audience and those of you watching from home may be surprised to know that when I was a teenager, the Saudi Royal Family came to Nigeria for medical tourism and precisely to the University College Hospital, Ibadan.
“Can you imagine how I feel that now that I am an adult, Nigerians, and especially our leaders, are Africa’s number one medical tourists.
President Bola Tinubu has expressed confidence that the country would win the fight against insecurity.
The President gave the assurance at the Argungu International Fishing Festival in Argungu town, Kebbi State, on Saturday.
He noted that the relative peace currently being enjoyed in Kebbi and neighbouring states was the result of sustained investments in security intelligence, coordination among security agencies, and community engagement.
Tinubu assured farmers and fishermen of sustained federal support to guarantee food security and safety across the country.
“The peace we are witnessing today is not accidental. It is the outcome of deliberate and sustained efforts. I assure you that the fight against banditry, insurgency, and insecurity will be won.
“Our farmers, fishermen, traders, and families will go about their lawful activities without fear,” he assured.
The President commended the organisers of the festival for sustaining the cultural event for decades, noting that it had endured for 83 years despite social and security challenges.
Describing the Argungu festival as a powerful symbol of unity, resilience, and peaceful coexistence, Tinubu stated that it reflects the richness of the country’s culture and the opportunities to harness its natural and human resources for national growth.
He said, “Today, this festival stands as a powerful symbol of unity, resilience, and peaceful coexistence among our people.
“It reflects the richness of our culture, the strength of our traditions, and the opportunities inherent in harnessing our natural and human resources for national development.”
The President was received by a large crowd of residents, traditional rulers, fishermen, tourists, and government officials from across the country.
The President reaffirmed his administration’s commitment to youth and women empowerment, irrigation development, rural electrification, and agricultural productivity.
Earlier, the Kebbi State Governor, Nasir Idris, said his administration was determined to elevate the Argungu Fishing Festival to full international standards while pursuing aggressive development across critical sectors of the state.
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
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Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
