According to him, Nigeria’s economy, gross domestic product, slumped to below $200 billion from $450 billion in 2023.
A senior economist at the Nigerian Economic Summit Group, Wilson Erumebor has given his verdict on President Bola Tinubu's administration.
On Nigeria’s economy, he said it is worse under President Bola Tinubu’s administration than under his immediate predecessor, Muhammadu Buhari.
He disclosed this in a recent X space organised by financial analyst Kalu Aja.
According to him, Nigeria’s economy, gross domestic product, slumped to below $200 billion from $450 billion in 2023.
“It is economy; you can only have mixed pictures. There are areas with improvement and stagnation.
“For instance, as an example, If you go to the Ministry of Finance website, there is a document there. In 2030, Nigeria’s economy will be above $8 trillion in terms of size. At that time in 2023, the GDP was estimated at around $450 to $410 billion. So today that same GDP is under $200 billion. You can certainly say that this is not progress based on the goal and target they have set. It is worse off than when the government came in. If you look at the growth rate, it was 7 percent per annum. Recently we are doing 3.4 percent. The IMF outlook projects 3 percent growth.
“In thatt, they said they plan to lift 100 million out of poverty. In fact, from the reforms and what we have, more Nigerians have been thrown into poverty. 50 million jobs—I am sure we can see the jobs.
“N550-600 per dollar but now around N1,500 per dollar,” he stated.
He, however, noted that there was improvement in Nigeria’s external reserves, foreign exchange stability, balance of trade, and others in the last couple of months.
“But if you compare it with the last couple of months,. There are areas that have improved gradually. Looking at external reserves, we were doing $30 billion then, now around $38 billion. There is some stability in the exchange rate, the same with the balance of trade."
Recall that Tinubu was inaugurated as Nigeria’s president on May 29, 2023.
Recall that Tinubu’s presidency attacked the president of the African Development Bank (AfDB), Femi Adesina, over his comment that Nigeria’s per capita GDP will be worse in 2025 than in 1960.