Nothing better showcases the absolute ineptitude & incompetence of the President Muhammadu Buhari administration than the GDP, Inflation & Unemployment figures released by Nigerian Bureau of Statistics today. These figures reveal what we have repeatedly said over the last 15 months – the Nigerian President is destroying the Nigeria economy. For the avoidance of doubt, some of these figures include: GDP contracted by -2.06% in Q2 2016. In contrast, the economy grew by 2.35% in Q2 2015. Q2 was worse than the -0.36% shrinking of the economy in Q1 2016. Headline Inflation for July 2016 stands at 17.1%. It was from 16.5% in June 2016. Food inflation was 15.58% for July 2016 from 15.3% in June 2016.
Portfolio investment declined to an estimated $245.3m in Q2 2016. This represents a 9.5% from $271.0m in Q1 2016 & is a far cry from $2.81bn in Q2 2015. FDI declined from $211.1m in Q2 2015 and $174.4m in Q1 2016 to an estimated $133.0m in Q2 2016.August 31, 2016
Total value of capital imported in Q2 2016 is estimated at mere $647.1m. This is the lowest quarterly figure since Nigeria started keeping records of capital importation. It is a decline from $710.9 m in Q1 2016 & a far cry from $2.67bn in Q2 2015.
A total of 4,580,602 people have lost their jobs since May 29, 2015 The number of persons in full time employment decreased by 351,350 in Q2 2016 compared to Q1 2016. The result of these indices is that Nigeria is in its worst economic state for 29 years – dating back to 1987 when the nation had to take harsh steps to recover from President Buhari’s policies of 1984-85. As with 1984-85, companies are fleeing our shores in droves. Manufacturers Association of Nigeria (MAN) recently stated that 272 companies have shut down in the past 1 year. Furthermore, like we suffered in 1984-85, we are suffering a brain drain where our best & brightest talents are leaving the country in search of a better life elsewhere. It is disheartening that the Buhari administration is destroying the Nigerian economy & our collective future by the implementation of his archaic & incoherent economic policies which failed in 1984-85 & are failing spectacularly now. Our dismay is worsened by the fact that every sphere of the Nigerian socio-political space (ranging from the conduct of elections, human rights, respect for the rule of law, security, technology, health etc) is negatively affected by the Buhari administration. We join all well meaning Nigerians to call on @MBuhari to resign if he is unable to reverse the disastrous economic decline he has brought on Nigerians. May God bless Nigeria, especially in these very difficult times.
Signed: Deji Adeyanju
Director, New Media