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

  • When made: 2015

  • Where made: My Covenant with Nigerians

In 2015 the Nigerian economy grew 2.79%, before shrinking to -1.58% in 2016 according to the national statistics office. Nigeria’s real GDP annual growth rate was 0.83% in 2017, 1.93% in 2018 and 2.27% in 2019.

The highest quarterly real growth rate record since the second quarter of 2015, when Buhari took power, was 2.84%. That was in the third quarter of that year.

The growth rate dropped to 2.11% in the fourth quarter of 2015, before becoming negative in the first quarter of 2016.

No further growth was recorded until the second quarter of 2017 when the economy exited recession by expanding 0.55%. The real GDP growth rate in the last two quarters of 2017 was 1.4% and 1.92%.

The most recent quarterly real GDP growth data shows a growth rate of 1.87% in the first quarter of 2020, a drop from 2.55% growth rate in the fourth quarter of 2019.

Impact of Covid-19

The International Monetary Fund on 28 April 2020 announced that it approved Nigeria’s request of US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument. This was to meet the urgent balance of payment needs stemming from the outbreak of the Covid-19 pandemic and the sharp fall in oil prices.

“The near-term economic impact of Covid-19 is expected to be severe, while already high downside risks have increased.  Even before the Covid-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capita GDP levels. The pandemic—along with the sharp fall in oil prices—has magnified the vulnerabilities, leading to a historic decline in growth and large financing needs,” the IMF’s statement read. 

Also, Temidayo Akinbobola, economics professor at the Obafemi Awolowo University, Ile-Ife, told Africa Check that a drop in GDP growth rate is expected in light of the pandemic.

“This is because productivity has dropped due to the lockdown and so demand has outweighed supply resulting in higher prices. However, I believe the impact of Covid-19 will not linger for too long because some sectors of the economy such as ICT will grow significantly,” Akinbobola said. 

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