Adeniyi Ifetayo, Chief Executive of Megastar Media Communication, described Buhari’s economic approach as a combination of nationalistic policies, state-led development, and a cautious attitude towards liberalising the market.

“Buhari’s time in office was marked by efforts to maintain and refine existing policies while introducing new initiatives to strengthen the economy,” Ifetayo explained. “One of the main focuses was on diversifying revenue streams away from oil dependence.”

The Buhari administration also rolled out several monetary policies through the Central Bank of Nigeria, including interest rate cuts to encourage business growth. Infrastructure projects, especially the revival of the country’s ageing railway system, were a major part of government spending.

Ifetayo pointed out that social welfare was another key feature of Buhari’s tenure, citing initiatives like N-Power, which provided employment opportunities for young people, the school feeding programme delivering daily meals to pupils, and the conditional cash transfers targeted at supporting low-income families.

Despite these efforts, questions remain about the broader impact of Buhari’s economic nationalism, especially regarding his push for local production through import restrictions and border closures. While these policies were intended to reduce Nigeria’s reliance on foreign goods, critics argue they may have had unintended consequences for economic growth.

“Buhari was also credited with trying to curb government extravagance, slashing his salary by half and encouraging other public officials to do the same,” said Ifetayo. “His government also pushed hard against corruption, with agencies like the Joint Admissions and Matriculation Board starting to remit funds to the national treasury for the first time.”

With Nigeria now reflecting on Buhari’s time in office, the debate continues over whether his policies built a foundation for a stronger, self-sufficient economy or deepened the country’s economic challenges in an already turbulent global landscape.

--ChannelAfrica--