“We have recorded notable achievements in the course of implementing our nine priority objectives and are establishing a solid foundation for future success,” Buhari said.

The president said his administration has been able to actualise its objective as regards the economy by stabilizing “the macro economy, achieve agricultural and food security, ensure energy sufficiency in power and petroleum products, develop infrastructure, fight corruption and improve governance.”

Buhari said, although, the coronavirus has caused a downturn in different countries’ economies, Nigeria’s economy shrinking was “relatively moderate.”

Nigeria witnessed eleven quarters of consecutive GDP growth since exiting recession.

“The GDP grew from 1.91% in 2018 to 2.27% in 2019 but declined to 1.87% in the first quarter of 2020 as a result of the decline in global economic activities due to the COVID-19 pandemic,” Buhari said.

Despite the coronavirus economic disruptions, the country’s external reserves grew from $33.42 billion on April 29th 2020 to about $36.00 billion in May 2020.

This is enough to finance seven months of import commitments, said Buhari.

He said about 774, 000 youths will be engaged in a Special Public Works Programme to cushion the effects of the economic downturn on Nigerian youths.

“Each of the 774 local government areas in the country will be allotted 1,000 slots. I am pleased to report that this programme has commenced,” he added.

The president says the nation has begun to look “inward” for the virus cure.

Buhari also said Nigeria, due to some of his administration policies, has risen by 25 places on the World Bank’s Ease of Doing Business ranking from 146th to 131st and is now rated as one of the top ten reforming countries.

“Our agreement with Siemens will transmit and distribute a total of 11,000 Megawatts by 2023, to serve our electricity needs,” Buhari said.

Buhari said a total of 412km of the targeted 643km road projects, through the SUKUK-Funded Road Projects, have been completed while he also mentioned that 48% of work on the 2nd Niger Bridge has been completed.