Unic Press UK: During a close-door meeting Friday with the state governors’ at the presidential villa, Aso Rock, President Muhammadu Buhari of Nigeria is said to have raised alarm over the state of the Nigerian economy.
Speaking to journalists after the meeting, the Nigerian Governors Forum (NGF) Chairman and Zamfara State Governor, Abdulaziz Yari said:
“Mr President as usual, responded by telling us that the economy is in a bad shape; and we have to come together and think and rethink on the way forward. Mr President talked to us in the manner that we have a task ahead of us. So we should tighten our belts and see how we can put Nigerian economy in the right direction and how we can address the nation’s infrastructural decay.”
Given a report from Unic’s economic team, President Buhari is right that the economic state of Nigeria is not good as of this moment. What remains unclear, perhaps not fully disclosed to the Nigerian people, are the measures being taken by his government to avert a major financial crisis in Nigeria.
Nigeria: Brief analysis of a few indicators from Unic Press UK economic team
Inflation Rates – This rose to and remains double digits from February 2016 to date.
- In March 2015, the Consumer Price Index (CPI), which measures inflation rose by 8.5% (year-on-year), marginally higher from the 8.4 percent rate recorded in February 2015. [Source: National Bureau of Statistics, Nigeria]
- In November 2018, which is circa 3 years afterwards, it peaked at by 11.28% (year-on-year).
- Transparency International Corruption Perception Index 2015: Ranked 136 among 180 countries.
- On the Corruption Perception Index 2017: Nigeria dropped farther down from 136 to 148 in a ranking of 180 countries.
Nigeria’s Public Debt (Consolidated)
- $63,806,450,000 + ₦12,118,849,450,000. (Source: Debt Management Office: June 2015)
- $73,207,940,000 + ₦22,379,666,270,000. (Source: Debt Management Office: June 2018)
- The national life expectancy for women was 56 years and for men 53 years (NBS Statistical Report: 2013). This has not improved as of today when compared with the ruling party All Progressives Congress target, which is, 63 years.
- Nigeria is currently the poverty capital of the world with an estimated 90.7 million people (almost a half of the population) living in extreme poverty as of December, 14, 2018. (Source: World Poverty Clock)
Nigeria – Economic Indicators & Other Information
- The consumer price index, (CPI) which measures inflation increased by 11.28% (year-on-year) in November 2018, illustrating a 0.02 percent points higher than the rate 11.26% recorded in October 2018. [Source: National Bureau of Statistics, Nigeria]
- Q3 2017 Gross Domestic Product (GDP) in nominal terms: “. . .aggregate GDP stood at ₦29,451,303.99 million in nominal terms.” (National Bureau of Statistics, Nigeria)
- Total Public Debt: ₦48.93 trillion [$134.89 billion] as of 30th June 2018.
- Unemployment: “The unemployment rate increased from 14.2% in Q4 2016 to 16.2% in Q2 2017 and 18.8% in Q3 2017”, the country’s Bureau of Statistics said in its report ‘Labor Force Statistics Vol. 1: Unemployment and Underemployment Report (Q1-Q3 2017)’of December 2017.
- Population: 185.98 million as of 2016. (Source: World Bank). However, the current estimate is approximately 199 million based on Live update as of December 14, 2018.
- The total land area is circa 910,770 Km2. (Source: World Bank).
- Male life expectancy at birth is 53 years. (Source: NBS Statistical Report, 2013). But, according to a report from Country Meters, it is currently 46.8 years)
- Female life expectancy at birth is 56 years. (Source: NBS Statistical Report, 2013). A report from Country Meters says it’s currently 48.4 years.
- Official exchange rate as of December 14, 2018: $1= ₦306.90. (Source: Central Bank of Nigeria)