Shortly after President Buhari was sworn into office in 2015, the country plummeted into recession. Fuel price was increased from N87 to N145, the exchange rate of the Naira took a nosedive, crumbling to N500 to the Dollar at some point. Inflation and cost escalation thrived and citizens suffered massive economic shock. For three quarters, the country was officially acknowledged to be in recession. However, the Naira later stabilized even though the economy remained in uncertainty. Again, as President Buhari sets to be sworn in for a second term on May 29, after a very divisive and controversial election, economic indicators are looking gloomy. The report of the National Bureau of Statistics (NBS) for the first quarter of 2019 shows a decline in the growth rate of the national Gross Domestic Product (GDP) from the fourth quarter of 2018. It went from 2.38 per cent to 2.01 per cent. Interestingly, this accounts for the strongest first quarter performance since 2015. The non-oil sector recorded a growth rate of 2.47 per cent against 2.7 per cent in the last quarter of 2018. Analysts have attributed the decline in the nation’s GDP, which represents the level of economic activities in the country, to insecurity and postponement of the General elections.
Speaking after confirmation for a second 5-year tenure by the Senate, Central bank of Nigeria (CBN) Governor, Godwin Emefiele warned that Nigerians should be prepared for very tough times. According to him, “The road ahead for Nigeria is still rough and very tough”. He also added that part of the problem is disregard for economic policies, resulting in poor implementation. Mr. Emefiele, whose first term as CBN Governor has been less than stellar, has obviously put Nigerians into further concern about the economic direction of the country. Experts worry that the Government and economic policies have sent lots of businesses out of operation, driven capital abroad, thus worsening the levels of insecurity and hopelessness in the country. Unless the Government of President Buhari understands the strangulating consequences of its overall policies (or perhaps lack of it) and takes urgent and deliberate steps to cut back these negative policies and direction, Nigerians will suffer incredible and unprecedented economic retrogression.