In Praise of Atiku: Candidate's Economic Reforms Credited with Modernizing Nigeria

Supporters of Atiku Abubakar, the ADC Presidential candidate, are highlighting his past contributions to Nigeria's economic development, particularly during his tenure as Vice President from 1999 to 2007. They argue that his record deserves closer examination as Nigeria grapples with ongoing economic reforms.

During Abubakar's time in office, Nigeria implemented aggressive economic reforms aimed at transitioning from state control to a market-driven economy. Key policies included the liberalization of the telecoms sector, which saw mobile phone penetration surge from less than 1% to over 200 million active lines. Banking reforms consolidated the sector, creating larger, more stable institutions, and over 100 state-owned enterprises were privatized.

These reforms, championed by Abubakar as Chairman of the National Economic Council, also paved the way for a Paris Club debt deal that relieved Nigeria of $18 billion in external debt. The period between 2003 and 2007 saw Nigeria achieve an average GDP growth of over 6%, with a peak growth rate of 15.3% to 15.8% in 2002. Foreign Direct Investment increased, and poverty rates began to decline.

Supporters contend that Abubakar's economic vision helped shift Nigeria from a closed, oil-dependent, and debt-ridden state toward a more open, market-oriented economy. The lasting legacies of his tenure include established mobile networks, consolidated banks, and a culture of public-private partnerships, which they argue laid the foundation for subsequent economic growth.