Wilson Erumebor, a senior economist at the Nigerian Economic Summit Group, has delivered his assessment of the administration of President Bola Tinubu.
He claimed that the Nigerian economy is doing worse under President Bola Tinubu’s leadership than it was under Muhammadu Buhari, his direct predecessor. He revealed this at a recent X space hosted by Kalu Aja, a financial analyst.
He claims that Nigeria’s GDP, or gross domestic product, fell from $450 billion in 2023 to less than $200 billion. You can only have mixed images because it’s economy.
There are both stagnant and improving areas. For example, if you visit the Ministry of Finance website, you will find a document.
Nigeria economy will be worth more than $8 trillion by 2030. The GDP was estimated to be between $450 and $410 billion at that point in 2023. Thus, that same GDP is less than $200 billion today.
Given the objective and target they have set, it is safe to say that this is not progress.
The situation has gotten worse since the government took over. The growth rate, if you look at it, was 7% annually.
We’ve been doing 3.4 percent lately. According to the IMF outlook, growth will be 3%. They stated that they intend to help 100 million people escape poverty.
In actuality, more Nigerians are now impoverished as a result of the reforms and what we have. We can definitely see the 50 million jobs.
“It used to be between N550 and N600 per dollar, but now it’s about N1,500,” he said.
However, he pointed out that over the past few months, Nigeria’s external reserves, foreign exchange stability, trade balance, and other aspects have improved.
But if you contrast it with the previous few months,. Certain areas have gradually improved. We were doing $30 billion in external reserves back then, and we are currently doing about $38 billion.
Both the exchange rate and the trade balance exhibit some degree of stability. Remember that on May 29, 2023, Tinubu took office as president of Nigeria.
Remember how Tinubu’s administration criticised Femi Adesina, the president of the African Development Bank (AfDB), for saying that Nigeria per capita GDP would be lower in 2025 than it was in 1960?
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