During a session at the Africa In the World conference in Stellenbosch, South Africa, former Governor of Kaduna State, Nasir el-Rufai, expressed his view that former President Olusegun Obasanjo's second term was the "most successful" in terms of economic growth, job creation, and inflation rate in Nigeria.
El-Rufai pointed out that during this period, oil prices began to rise, but the Obasanjo government effectively managed the windfall. He emphasized that Nigeria's fiscal health was at its peak in 2007, which allowed the country to weather the global financial crisis of 2008 without significant negative impacts.
"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 stated.
El-Rufai further highlighted that Nigeria had substantial reserves during that time, which enabled the government to absorb external economic shocks without causing internal problems.
