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Economy

Make the economy one of the fastest-growing emerging economies in the world with real GDP growth averaging at least 10-12% annually

A country’s gross domestic product or GDP is the measure of the size of its economy. It is the market value of all goods and services produced in a country in a given period, usually a year. 

In the seven years of the Buhari administration, Nigeria’s economy has not grown at even half this target.

In 2015, the economy grew at 2.79%, before contracting to -1.58% in 2016, according to the national statistics office. In 2017 real GDP growth was 0.83%, rising to 1.93% in 2018 and 2.27% in 2019.

In 2020 growth contracted to -1.92%. That year, the International Monetary Fund approved Nigeria’s request for US$3.4 billion in emergency financial assistance to mitigate the Covid-19 pandemic and a fall in the price of oil.

A drop in growth due to the pandemic was expected, Temidayo Akinbobola, a professor of economics at the Obafemi Awolowo University in Ile-Ife, told Africa Check.

“This is because productivity dropped due to the lockdown and so demand outweighed supply, resulting in higher prices,” he said. 

Rapidly growing sectors of the economy such as information and communications technology were helping the recovery, he said.

Under Buhari, the highest growth rate remains 3.4% in 2021, a fair distance from 10% to 12%, even when recent shocks are considered.

– Africa Check, updated May 2022. First tracked in 2018, and reviewed in 2020.

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