On Monday, 17th March 2025, the All-Progressives Congress (APC) issued a press statement signed by Felix Morka, Esq., National Publicity Secretary. In the statement, the APC addressed the comments made by the former Kaduna State Governor, Mallam Nasir El-Rufai, and highlighted various economic achievements under President Bola Tinubu’s administration. This article seeks to critically analyse these claims, based on available data to assess their validity and provide a comprehensive understanding for the public to ascertain their veracity.
1. Trade Surplus and Economic Diversification
APC Claimed that Nigeria achieved a substantial trade surplus of $14.31 billion in 2024, attributed to vigorous promotion of non-oil exports, reduced reliance on imported goods, and diversification of the economy.
Factcheck:
Import Reduction: The truth is that the devaluation of the naira has made imports more expensive, leading to a reduction in import volumes. This import compression, driven by decreased purchasing power, contributes to the trade surplus and this cannot be claimed to indicate sustainable economic health. The pain of a surgery cannot be equated with good health.
