The report which portrayed a mixed development across the three main macroeconomic performance indicators namely GDP, inflation and trade volume, indicated that arising from the drastic decline of 2015 [/b]a growth jump-start averaging 5.41 percent yearly between 2017 and 2019 would be experienced as infrastructure development takes shape and provide support for both the oil and non-oil sectors.[b]

Now that crude oil prices has fallen (Nigeria's honey pot), It is paying the price for a lot of wrongdoings over the previous years of oil boom...not diversifying its economy, not buffering the ECA, not providing a suitable environment for production to thrive, In fact for not been serious with the issues that should drive massive infrastructure and economic development across the country. we take inspiring examples from Dubai, Malaysia, Singapore etc. Now that a barrel of the honey pot cost less than KFC chicken, I think it is only wise to support this government on stabilizing the economy first with the measures it employs. I still maintain that reckless wastage of Nigeria's resources over the years is why we are here today.

All the commentators below me should argue responsibly...free MB or not.

the much touted CHAINge ,there is no day you don't ear a single bad news

According to the NBS, by the time Buhari concludes his present tenure, economic growth rate will stabilise but unable to reach the 2014 level as real gross domestic product, GDP, will be 5.61 percent in 2019 as against 6.22 per cent achieved a year before he assumed office

what do you call a “Change” of economic progression to economic retrogression, deprivation and adversity?

Meticulously speaking, we can sagaciously deduce that the incumbent president is the veracious “ineffectual Buffon” as wrongly and subjectively attributed to Gej.

Let me see any mudslinger that will say Gej was "clueless" again!

Change

Soneh:
the much touted CHAINge ,there is no day you don't ear a single bad news

kindly note that instead of you saying ''bad news'' you could have just said the truth, 'i don't understand this news'. with the way you people blame him for Nigeria's economic woes, I can now see why day in day out, he himself is laying blames on the previous government.

PDP Handed Nigeria Over In A Better State Than It Met Nigeria - Soludo


Every team serious about ‘change’ starts with a clear identification of the baseline from which it measures deviations/progress. Nigeria has had 16 uninterrupted years of democracy with the PDP controlling the federal government as well as majority of the states. APC is now in charge at both the centre and majority of the states.

A minimum standard for measuring ‘change’ is the extent to which APC government beats the record of the PDP in measurable terms. As the saying goes, if you can’t measure it, you can’t improve/change it!

Government must strengthen the National Bureau of Statistics (NBS) and preserve its independence to produce and publish credible national statistics. It needs serious funding. I really wish our policymakers can be a little less careless or casual about the use of official statistics. I criticised the last government for relying on ‘estimates’ by World Bank staff instead of the NBS statistics. When I hear the narrative so far in the media by the new government regarding the economy, I take it largely as the kind of ‘usual propaganda’ new officials deploy to show that their predecessors “did nothing” and therefore lay the ground for claiming that they are “doing everything for the first time in our history”.

Fortunately also, there are many people as well taking a hard look at the numbers and recording scores. At AfriHeritage, we are developing a template for measuring government performance.

As Nigeria has largely evolved into a two party state in a democracy, I prefer to frame the discourse on the baseline as ‘PDP’s legacy and the APC’s challenge’!
Since it is the practice to blame the PDP for every ill that befell our country in the last 16 years (and there are many of them) it is also fair to credit them with the positive ones.

According to data from NBS, one outstanding legacy of the PDP is that in 16 years it held sway, it more than doubled the GDP of Nigeria (indeed with average year-on-year GDP growth rate in excess of 6% over the past 12 years, the GDP actually doubled within the last 12 years. It met average annual growth rate of about 2% and raised it to 6-7%, led by the non-oil secto[/b]r. Yes, non-oil sector, and the “diversification” reported in the recently re-based GDP happened within the last 16 years.

Will the economy more than double in the next 12 years under the APC? For me, if only the APC can double the size of GDP from about $550 billion to $1.1 trillion in 12 -16 years, and further half the poverty index, Nigeria will indeed be on course to be one of the largest 10 economies in the world by the end of this century.

As at 1999 when PDP came to power, Nigeria was largely a pariah state still lucky to have survived as one indivisible sovereign, especially in the context of the struggle by NADECO and restiveness in many parts of the country.

On corruption, Transparency International scored it 1.6 out of 10 and ranked 98 out of 99 countries in 1999. Nigeria was listed among four countries that were non-compliant on the anti-money laundering rules by the Financial Action Task Force (FATF). We could not service our external debt and relied on stressful rescheduling, with all the intrusive donor conditionalities. Poverty was estimated at 70%, and unemployment at nearly 20%.

The 1990s will go down in our economic history as the decade of stagnation: when per capita income growth was zero. [b]Average oil price in May 1999 when President Obasanjo took over was $15.24 while stock of reserves was about $5 billion.

After 16 years, several challenges remain and some have even worsened (especially insecurity). Although President Jonathan’s regime had the worst economic management relative to the resources at its disposal, it must be stressed that tremendous progress was made in the aggregate 16 years of PDP government. Yes, it should have left more than $100 billion in reserves but left only $30 billion (still about six times of what it met).

We also wish that Jonathan’s team did not leave Nigeria with unprecedented rate of debt accumulation. But, according to statistics from NBS, the PDP handed over a $550 billion economy (largest in Africa and 26th in the world), with 7.5% unemployment rate (better than European Union, France, Sweden, Belgium, etc although the underemployment figure is much higher); 32%?? poverty rate (as claimed by the former Finance Minister, or 61%??: NBS needs to clarify this claim); a stock of reserves of $30 billion; GDP growth rate averaging 6% over last 12 years; a relatively more diversified economy, with ICT penetration from 0.2% to over 60%, and a new contributory pension scheme now with trillions of Naira in pension fund. Our external debt is down although total debt stock is escalating. Our Gini coefficient (degree of inequality) is not different from China’s. Nigeria has consolidated and stronger banking system that currently finances both government debt and the private sector, with a relatively vibrant capital market. The capitalization of the Nigerian Stock Exchange grew from less than N1 trillion to N12 trillion as at handover.

For the first time, Nigerian economy is now rated by credit rating agencies (Fitch, and Standard and Poor’s). Even on corruption perception, Nigeria is far better today than in 1999, and PDP created the two major anti-corruption agencies — ICPC and EFCC, and as at 2014 TI scored Nigeria 2.7 and ranked 136 out of 175 countries. PDP secured debt relief for Nigeria, thereby relieving Nigeria from the stranglehold of the IMF/World Bank policy conditionalities. APC does not have to negotiate with Washington on many economic policies. The list is long. PDP passed the 2015 Administration of criminal Justice bill, a perfect document in fighting corruption

The point therefore is that despite the fall in oil price, APC is starting from a much stronger base than PDP did in 1999 and the challenge now is to do far better. In the coming years, Nigerians will be asking APC to show us their figures!

Lalasticlala

http://www.vanguardngr.com/2016/02/buhari-regimes-economic-growth-wont-reach-2014-level-nbs/

Backward we have gone. Till the end of his tenure we will remain backward according to this report. If 2014 economic growth of the nation will be better than what we should expect in 2019, all things being equal, it means we went 360 degree backward. If for any reason there is no infrastructural development as is envisioned, then we will be completely doomed as what we will get may be worse than expected.

The economy will grow because Nigerian are resilient and not because of that NEPA certificate holder from Daura

History will judge.
Numbers don't lie, even though Nigerians have a very fickle memory.

Jonathan, in due time, will be adjudged as one of the best leaders , in terms of real achievements , that Nigeria has ever had, perhaps matching or surpassing Obasanjo.

This rule-by- propaganda clowns in power, are already showing us their hand that they would not be able to achieve much in the next 4 years.
For the sake of this nation, I hope I am wrong.

plaetton:
History will judge.
Numbers don't lie, even though Nigerians have a very fickle memory.
Jonathan, in due time, will be adjudged as one of the best leaders , in terms of real achievements , that Nigeria has ever had, perhaps matching or surpassing Obasanjo.
This rule-by- propaganda clowns in power, are already showing us their hand that they would not be able to achieve much in the next 4 years.
For the sake of this nation, I hope I am wrong.

Very True.

- The problem with our people is, we want to see the right result, but we consistently and deliberately do the wrong things. The only way to have the right result, is to do the right thing, Politicians do the right right, engineers do the right thing, Journalists do the right thing, students do the right thing. We need to do the right thing and do it consistently in order to see expected results - Martin Onovo.

Kai, we voted Negative CHANGE
some APC zombies will come here n defend Buhari over this troubling news from National Bureau of Statistics which is a Federal Government Agency

plaetton:
History will judge.
Numbers don't lie, even though Nigerians have a very fickle memory.

Jonathan, in due time, will be adjudged as one of the best leaders , in terms of real achievements , that Nigeria has ever had, perhaps matching or surpassing Obasanjo.

This rule-by- propaganda clowns in power, are already showing us their hand that they would not be able to achieve much in the next 4 years.
For the sake of this nation, I hope I am wrong.

True talk

Most times I pity APC learned supporters. It is not easy to support a failure who does not even care about you. From lack of minister to no economic direction to budget inflation to unguarded utterances than can plunge a nation into crisis.

Now the NBS is talking. Maybe GEJ and PDP paid them to talk.

Bunch of Confused Jokers

according to NBS

Did You Know...
Real growth rate was 6.22 % in 2014

Did You Know...
Industries grew by 6.76% to contribute 24.93% to entire GDP in 2014

Did You Know...
Services grew bu 6.85% to contribute 52.16%of GDP in 2014

Did You Know...
Agric contributed 22.90 % to GDP in 2014

Did You Know...
Non Oil Sector grew by 7.18% while Oil Sector fell by -1.32 in 2014

yet some people called GEJ clueless................. now that BLAMAHARI'S greatest achievements wont even near GEJ'S i wonder what the zombies will have to say o
meanwhile, the zoo must fall

Most posters above me have comprehension issues. They read the headline and drew stupid conclusions from it. The reasons for our economic downturn were clearly outlined. If anything, had Jonathan been reelected, our economic lot would have been way worse.

bokohalal:
Most posters above me have comprehension issues. They read the headline and drew stupid conclusions from it. The reasons for our economic downturn were clearly outlined. If anything, had Jonathan been reelected, our economic lot would have been way worse.

Well GEJ was not reelected. the current govt said they have the answer to all our problems. Now all they do is make excuses. My fear is that i am yet to see their plan to turn around the situation. All they do is blame the previous govt.

We owe this administration our prayers whether we are in support of it or not

bokohalal:
Most posters above me have comprehension issues. They read the headline and drew stupid conclusions from it. The reasons for our economic downturn were clearly outlined. If anything, had Jonathan been reelected, our economic lot would have been way worse.

Before I used to be worried about the stark ignorance of a lot of Nigerians, but now I'm learning to ignore the rants of these ignoramuses even as they wallow in their sentiment driven ignorance.

The report made it clear for anyone with an education or common sense to comprehend the reason behind the economic down turn. Even without the report spelling it out clearly, the reason behind the economic downturn is visible to the blind and audible to the deaf. But yeah, these ignorant losers find more pleasure in being dullards by placing the blame on the man they love to hate.

Now talking about the GDP growth rate, a fact which these olodos fail to realise is that even the administration they passionately extol in addition to handing over an empty treasury, they also handed over the lowest GDP growth rate value since 1999 of 2.3% as at Q2 of 2015. As a matter of fact, that value has risen since handover.

obasiken:



Well GEJ was not reelected. the current govt said they have the answer to all our problems. Now all they do is make excuses. My fear is that i am yet to see their plan to turn around the situation. All they do is blame the previous govt.

I dont know what their plans are either but I can only keep my fingers crossed and hope for things to turn out nice.

On the other hand, it would be meaningless to directly compare the performance of a less than 1 year old administration which inherited a crippled nosediving economy and un-anticipated rock-bottom oil prices to the performance of a 5 year long administration which enjoyed the highest and most consistent oil boom since Nigeria's history.

bubu the destroyer

LadyExcellency:
PDP Handed Nigeria Over In A Better State Than It Met Nigeria - Soludo

and it seems APC maintains a covert agendum of handing Nigeria in disarray than it meet it.

Zombies are trying hard to spin the facts. Calling people ignoramus won't hide your own ignorance! This change is negative QED!