2015 vs 2022: Five indicators that prove…

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2015 vs 2022: Five indicators that prove…

2015 vs 2022: Five indicators that prove…
President Muhammadu Buhari recently said in an interview with Bloomberg that Nigeria is better off now than when he assumed office in 2015. However, economic indicators and the reality on point to the contrary.
First, it was during his time Nigeria experienced two recessions in a spate of five years, 2016, and 2020. That was unprecedented.
Basic measures such as the inflation rates (headline and food) show that the purchasing power of Nigerians has reduced during his regime with the regime he succeeded. According to the latest headline inflation, an item that cost N100 in May 2021 now costs N117.71. A food item that cost N100 in May 2021 now costs N119.50. The salary of an average has not in the last three years.

Exchange rates of the nation’s currency, , to major international currencies such as the US dollar, British Pound , and the Chinese Yuan indicate that it is more to carry out international transactions such as the importation of raw and other items. The naira has considerably depreciated against those aforementioned currencies.
Read also: Buhari says Nigerians better off than 2015
The manufacturing sector is a major unit within the economy that bears the brunt of the devaluation of the naira. One of the manufacturers face when naira depreciates is that it increases their operational costs, and examples abound of firms that have gone under because they did not have the financial to remain as a going .

Unemployment rate was about 8 percent when President Buhari became the president in June 2015. Presently, it is not less than 33 percent. In addition, it was during his time that Nigeria became the of the world. And if care is not taken, more Nigerians will be pushed into poverty as the World Bank recently warned that the rising inflation in the country will push an additional 15 million more Nigerians into poverty.

Nigeria’s per capita GDP has reduced. From $2,687.5 in 2015, it fell to $2,097.1 in 2020. With economic growth not since 2020, the metric would have reduced further.

The more indicators are , the clearer it becomes that Nigeria, and Nigerians are off now than when President Buhari came into office. All the data sourced from the National Bureau of Statistics, CBN and World Bank.

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