The Nigerian Economy under the watch of PMB.
Security and welfare of the people remain the most basic function of the any government and to ensure the welfare of the people, the government must ensure that through its policy and actions that it stimulates economic growth and enhance the quality of life of the citizens.
Whilst it’s true that the Buhari administration inherited an economy that was declining, it did practically nothing to arrest the decline or improve the economy until we went into full fledge recession 15 months after his government took over. We will all recall that it took him six months to appoint his cabinet that was at best mediocre and based on political patronage instead of seeking out sound technocrats to help him revive the hailing economy. The delay in appointing his cabinet also pointed out the fact that he was unprepared for the job and the sense of urgency to fix the depressed economy was just not there.
One would have expected that with all the problems with the economy the country was having when Buhari took over, he would immediately constitute a high powered economic team and given them a marching order to immediately address the problems bedeviling the economy but not only did he fail to do that, he did not deem it fit to appoint a special adviser on the economy like his predecessors did whilst he appointed six advisers/assistants on media and publicity pointing to the fact that he was more interested in media and propaganda than addressing the problems of the economy.
It was no surprise that by the third quarter of 2016, fifteen months after Buhari took over the government, the country slid into recession due to a lack of attention given to the economy by the Buhari administration. To close watchers of the economy and buhari’s countenance regarding the issue, he simply was not interested in the economy. However due to the political back lash he received as a result of his poor performance with the economy, his government was quick to blame the previous administration for the recession whilst ignoring the fact that for fifteen months nothing was done to mitigate against the effects of the dwindling economy. It was then that the government now finally appointed an economic adviser reporting to the office of the vice president and not even the president further proving that the president did not consider the economy a priority. The government further released a poorly written document which they claimed was their economic plan which they christened Economic Renewal and Growth Plan (ERGP). This plan failed to address several issues that were depressing the economy and at best just glossed over the obvious issues without any concrete strategy on the way forward for the economy.
Thankfully after about a year in recession, due to recovering oil prices the country was able to pull out of recession and the government was quick to claim credit for it even though it was not of their own doing. Since then highest our economy has grown under this government is an abysmally low 1.9% in the first quarter of this year which slid to 1.5% during the second quarter indicating that we might be on our way back into a recession despite the fact that oil prices have been relatively high for the past one year.
The most damning verdict of the Buhari’s government stewardship of our economy was delivered in June this year when the Brookings Institute based on research conducted by them declared Nigeria with 87 million people living in abject poverty as the poverty capital of the world having overtaken India in this ignoble index. The report further stated that whilst poverty was reducing in India and most countries all over the world, it was on the increase in Nigeria with six people falling into poverty every minute, 8,640 every day and over 3 million people per annum. Another damning report was recently revealed by Bill Gates stating that going by the current trends, by 2050 Nigeria and Democratic Republic of Congo will have 40% of the world’s extremely poor population.
One now wonders how Nigeria got itself into this mess when just a decade ago Nigeria had the second fastest growing economy in the whole world after china and Nigeria’s economic growth rate was even being projected to overtake that of china to become the fastest growing economy in the world. Nigeria a few years ago also became the biggest economy in Africa ahead of South Africa and Egypt that had always had bigger economies. Why has Nigeria not been able to sustain its high economic growth rate it was able to achieve shortly before the current administration came into power? The simple answer is gross incompetence, ineptitude and even a lack of interest in developing the economy by the present administration. The compilation below by Chidi Cali details how badly the economy has fallen under this inept administration.
Top 10 Fastest Growing Economies in Africa in 2018 (World Bank, IMF....)
[1] Ghana >>>>>>8.3%
[2] Ethiopia >>>>>8.2%
[3] Cote d'Ivoire>>7.2%
[4] Djibouti >>>>> 7.0%
[5] Senegal >>>>>6.9%
[6] Tanzania >>>> 6.8%
[7] Sierra Leone>>6.3%
[8] Burkina Faso>6.0%
[8] Benin Rep>>>>6.0%
[9] Rwanda>>>>>>5.9%
[10] Niger Rep>>>5.2%
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[41] NIGERIA>>>>1.9%,
Note Nigeria was Number [1] in 2012, 2013, and 2014.
In 2015 Nigeria was the 3rd Fastest growing Economy in the World but now, the 88th.
SOURCES| World Bank, Brookings Institution, IMF, Chidi Cali and the African Development Bank.
© Chidi Cali
Whichever way you want to spin it, the economic performance of this government has been nothing short of disastrous and as we approach another election year, it’s time for Nigerians to wake up and demand better leadership. We should put sentiments aside and collectively vote out a failed leadership. It is our collective future, that of our children and even the unborn generation that is at stake. A government that can turn an economy that was one of the fastest growing in the world to not only one of the slowest growing but also the poverty capital of the world and the highest growing poverty rate in the world certainly doesn’t deserve our vote again. God bless us all.
#NigeriaDeservesBetter

CC lalasticlala mynd44

NIGERIA'S ECONOMY IS THE BEST IN AFRICA NOW.
GOD CONTINUE TO STRENGTHEN & BLESS PMB1523
GOD BLESS THE APC

Buhari is an illiterate don't expect anything positive from a dullard.

Use graphical representation to explain pls

ALMUSTAQIM:
NIGERIA'S ECONOMY IS THE BEST IN AFRICA NOW.

GOD CONTINUE TO STRENGTHEN & BLESS PMB1523

GOD BLESS THE APC

Best economy and we became the poverty capital of the world under his mis-rule? Are you sure you are not high on that Ekiti weed?