Nigeria under the leadership of President Muhammadu Buhari has become the number four African country with the Gross Domestic Product (GDP) loss between 2019 and 2020, according to a report released by StatiSense.
The most populous African country has obviously been affected by economic crisis as the source revealed that it lost $15.8 billion (N6,500,594,000,000) between the last two years under review.
President Buhari, in 2015, promised to revamp the nation’s economy and reiterated in 2019 to engage one million N-power graduates and skill up to 10 million Nigerians in partnership with the private sector, all in an effort to make Nigeria stronger economically.
Furthermore, in 2019, he pledged to develop 6 industrial parks in each of the geopolitical zones, to establish 109 Special Production and Processing Centres (SPPCs) across each senatorial district of Nigeria, to develop the Special Economic zone to quickly concretise made-in-Nigeria goods for export (MINE) plan, to expand the social investment program so as to eradicate poverty, and to resuscitate the Ajaokuta Steel Company.
However, the report by StatiSense showed that Nigeria’s percentage loss was calculated to be 3.53% behind the other top three losers which are South Africa, Angola, and Libya with $49.5 billion, $27.1 billion and $26.7 billion respectively, meaning Buhari’s economic campaign promises were nothing to write home about.
StatiSense, a data consulting firm with expertise in providing data services such as analytics, research, reporting, measurement and evaluation, and training to individuals, private organisations and non-governmental organisations also disclosed that Nigeria was not among the top 20 countries in the African continent that had gains in GDP.
The revelations were disclosed on Thursday on its Twitter handle, adding that 24 countries gained $96.8 billion while Nigeria was among the 26 countries that lost $162.6 billion between 2019 and 2020.
The countries that had GDP gains are Egypt with $60 billion, Ethiopia had $11.7 billion, Ghana with $5.12 billion, Kenya got $3.34 billion, Cote d’Ivoire made $2.81 billion, Uganda made 2.20 billion, Guinea with $2.17 billion, Senegal with $1.60 billion, Burkina Faso with $1.38 billion and Tanzania with $1.27 billion.
Others that made the top 20 GDP gainers were Benin Republic, Malawi, Cameroon, Niger Republic, Togo with $1.26 billion, $1.10 billion, $795 million, $767 million and $354 million respectively.
The rest with increase in GDP are Burundi, Mauritania, Mali, Centra African Republic, Gambia that acquired $246 million, $178 million, $112 million, $82.8 million and $75.9 million respectively.