As Nigeria drops to fourth biggest economy in Africa.

In 1999 when the Obasanjo/Atiku led PDP administration took over the reigns of power, Nigeria was the fourth biggest economy in Africa with a paltry GDP of just $58 billion and a GDP growth rate of just 0.6%.

To make matters worse, Nigeria had a national debt of $35 billion which was choking the country financially and foreign reserves of less than $3 billion.

Without blaming the previous administrations for the pathetic economy that they inherited, the duo of Obasanjo and Atiku set to work and within three years were able to achieve an economic growth rate of 15.8% which made Nigeria the fastest growing economy in Africa and the second fastest growing in the world at the time.

They introduced several economic policies such as privatization, deregulation of the telecoms industry, bank consolidation, pension reforms, cement industry policy, competitive bidding for oil blocks, local content policy in the oil industry and many other policies that stimulated economic growth.

They also built institutions to fight corruption such as the EFCC, ICPC, Due Process, monetization policy, empowering of NAFDAC and as a result of this were able to block many leakages in the system and improve on service delivery to the people.

Despite the relatively low oil price at the time they were able to build the country's foreign reserves by the highest level in our history and in the process paid off most of our national debt while obtaining a huge discount on the debt for the country.

The Yar'adua/Jonathan administrations also built on this solid foundation and Jonathan introduced the Automotive Industry Policy which greatly boosted the automobile manufacturing sector in Nigeria.

As a result of these policies and dedicated leadership, the Nigerian economy grew rapidly and by 2013 when the economy was rebased, it was confirmed that Nigeria had become the biggest economy in Africa by a very wide margin with our GDP in the region of $568 billion.

Sadly in 2015, the leadership of the country was taken over by a character that was not only clueless about the economy, he also had no interest in fixing it and as a result of this the economy of the country plummeted for eight straight years under his rudderless leadership.

The country had another opportunity in 2023 when a new leader was elected. Sadly hopes were dashed when another questionable character was imposed on the country under very dubious circumstances as president.

The resultant effect is that the country's economy has continued to plummet as a result of the mismanagement of the country's resources and the rudderless economic policies of the administration.

If the Nigerian economy had continued to grow at the average rate that was achieved during the PDP years, Nigeria would have been a $1 trillion economy today. It is indeed an irony that the same charlatans that reversed the gains made in the PDP years and diminished our economy to $266 billion after nine years in power have the audacity to label the sixteen years in which Nigeria achieved the highest economic growth rate in her history as years of waste.

I also decided to show the price of crude oil for the past 70 years, so no Agbado abuser will come on this thread and start claiming that the price of oil was much more than it is now. Also don't forget that this current government no longer pays fuel subsidy so they must have all the money they need to carry out developmental tasks for the nation.

The Fulanis and Yorubas have ruined this nation economically.

Please access the link below, as a supporting data to make better sense of how far the Nigerian GDP has fallen, under Fulani and Yoruba rule.

https://www.macrotrends.net/1369/crude-oil-price-history-chart

4th position

OfoIgbo:
I also decided to show the price of crude oil for the past 70 years, so no Agbado abuser will come on this thread and start claiming that the price of oil was much more than it is now. Also don't forget that this current government no longer pays fuel subsidy so they must have all the money they need to carry out developmental tasks for the nation.

The Fulanis and Yorubas have ruined this nation economically.

Please access the link below, as a supporting data to make better sense of how far the Nigerian GDP has fallen, under Fulani and Yoruba rule.

https://www.macrotrends.net/1369/crude-oil-price-history-chart

You will be alright soon , Fulanis and Yorubas are your major problem now

because some Nigerians love it so.
i could still remember that during the elections, some Muslim clerics were telling their members to vote for only Muslim -muslim ticket presidential candidate, because they prefer only the candidates that can advance the cause of Islam and that they don't bother about any national development or good governance, sadly enough their gullible citizens naively listened to them and now everybody is feeling the heat.
this emilokan government met dollar fx at less than #500/$1 but now their supporters want us to be celebrating their achievement of #1000/$1, is that not stupidity ?
insecurities is not abetting there by resulting to famines in the land as the farmers are afraid to go to their farms, for safety reasons. Pms is still #600-700 per litre.
Only the BMGs are enjoying this emilokan government , while the masses are suffering.

Fear APC!

OfoIgbo:
I also decided to show the price of crude oil for the past 70 years, so no Agbado abuser will come on this thread and start claiming that the price of oil was much more than it is now. Also don't forget that this current government no longer pays fuel subsidy so they must have all the money they need to carry out developmental tasks for the nation.

The Fulanis and Yorubas have ruined this nation economically.

Please access the link below, as a supporting data to make better sense of how far the Nigerian GDP has fallen, under Fulani and Yoruba rule.

https://www.macrotrends.net/1369/crude-oil-price-history-chart

You don't have to resort to tribalistic insults to pass your message. While buhari and Tinubu are catastrophic disasters, Nigeria enjoyed the highest economic growth rate in her history under the Yoruba/Fulani leadership of Obasanjo and Atiku. Performance or lack of it has absolutely nothing to do with tribe.

MrPristine:


You don't have to resort to tribalistic insults to pass your message. While buhari and Tinubu are catastrophic disasters, Nigeria enjoyed the highest economic growth rate in her history under the Yoruba/Fulani leadership of Obasanjo and Atiku. Performance or lack of it has absolutely nothing to do with tribe.

According to the statistical graph from the OP, our GDP recorded its steepest growth during GEJ's government

Facts don't lie.

From 2015 till date, the Yorubas and Fulanis chose to chase out GEJ and brought in policies that have grounded Nigeria economically.

Statistics don't lie.

Obasanjo should have handed over to Atiku. The problem started from that mess by Obasanjo. Today that Democratic experiment many Nigerians fought with their sweat and blood is practically dead and Nigeria worse off as a country. I don’t know whether there is a redemption for Nigeria because the country is not going in the right direction. Imagine everyone thought loans would be over after buhari but today tinubu seems to be in a race to outpace buhari in borrowing. Who will pay back all these loans they are using in mortgaging Nigeria’s future?

OfoIgbo:


According to the statistical graph from the OP, our GDP recorded its steepest growth during GEJ's government

Facts don't lie.

From 2015 till date, the Yorubas and Fulanis chose to chase out GEJ and brought in policies that have grounded Nigeria economically.

Statistics don't lie.

On the contrary, Jonathan's performance with the economy was below average even though he was far better than Buhari and Tinubu. The highest economic growth rate we enjoyed was during the Obasanjo administration and Jonathan merely rode on the crest of Obasanjo's performance. It was Obasanjo that laid the solid foundation for the economic prosperity during the Jonathan administration but sadly Jonathan didn't maintain the performance.

The data below shows the highest economic growth rate that has been achieved since 1999 and it was during the Obasanjo/Atiku administration in 2002 that we achieved the highest growth rate of 15.33%.