How Nigeria’s Economy Has Performed Since 1999

 

Data published by the National Bureau of Statistics (NBS) shows a once steady rise in the growth of Nigeria’s economy from about 1999 to 2015 but soon turned into the negative since 2015 and only just recently gained some positives.

Dats provided by the NBS shows that Nigeria’s economy between 1999 to 2020 grew by +192% in a total of 21 years with a review of growth within each administration shown below:

Nigeria’s Economic Growth Since 1999 by Administration:

 

1 Olusegun Obasanjo – 8yrs [1999-2007]: +81%

2 Musa Yaradua – 3yrs [2007-2010]: +25.9%

3 Goodluck Jonathan – 5yrs [2010-2015]: +26.4%

4 Muhammadu Buhari – 5yrs+ [2015-2020]: +1.4%

This GDP data by the NBS is at the 2010 constant price.

Many argue that any data that does not translate to infrastructural development in all sectors of the nation including health, education, technology, transport, small and medium scale benefits is not worth being talked about but again how do we explain the stack discrepancy between what many see as the PDP years and 6 years and counting of APC’s Buhari in the saddle.

Another bone of contention also is that, the PDP years witnessed a fairly steady oil price and two out of its three Presidents enjoyed a rain of excess crude oil and ought to have been the nation’s seven years of plenty where it ought to have saved up enormously for the rainy day.

Data according to the NBS reveals that the highest value of crude oil produced was recorded during the Goodluck Jonathan Administration.. According to the data, Jonathan presided over an era with the worth crude oil production value totaling a whopping N65 trillion and this is excluding the years he shared with Yaradua.

Many the Jonathan era were wasted years Nigeria lost to have ensured a lasting economic growth for the country. Instead with little or virtually no savings at all, Nigeria plunged head long downwards as the price of oil took a dip.

President Obasanjo’s era was the next with about N20.3 trillion in value generated from oil. Unfortunately, the country has nothing to show for these years plenty.

 

Coming to the Buhari era however, many analysts say the President’s blame game has further worsened the situation as he has not for once taken responsibility in order to address and salvage the situation.