Nigerias re emergence as africas biggest economy an economic scorecard of pmb

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Nigeria's Re-Emergence as Africa's Biggest Economy: An Economic Scorecard of PMB

In 2016, Nigeria's economy suffered a severe contraction, largely due to the decline in oil prices and the impact of the COVID-19 pandemic. However, under the leadership of President Muhammadu Buhari (PMB), the country has made significant progress in reviving its economy and re-emerging as Africa's largest economy.

Economic Scorecard: 2015-2022

Here's a scorecard of Nigeria's economic performance under PMB's administration:

GDP Growth Rate:

• 2015: -1.5% (recession)
• 2016: -1.6% (recession)
• 2017: 0.8%
• 2018: 1.9%
• 2019: 2.2%
• 2020: -1.9% (COVID-19 pandemic)
• 2021: 3.4%
• 2022: 3.2% (projected)

Inflation Rate:

• 2015: 9.5%
• 2016: 18.7%
• 2017: 15.1%
• 2018: 11.4%
• 2019: 11.4%
• 2020: 12.9% (COVID-19 pandemic)
• 2021: 17.1%
• 2022: 15.5% (projected)

Unemployment Rate:

• 2015: 10.4%
• 2016: 13.9%
• 2017: 14.2%
• 2018: 13.3%
• 2019: 14.2%
• 2020: 27.1% (COVID-19 pandemic)
• 2021: 21.7%
• 2022: 20.5% (projected)

Foreign Exchange Reserves:

• 2015: $29.4 billion
• 2016: $23.9 billion
• 2017: $33.4 billion
• 2018: $43.8 billion
• 2019: $44.4 billion
• 2020: $36.3 billion (COVID-19 pandemic)
• 2021: $40.3 billion
• 2022: $45.5 billion (projected)

Fiscal Performance:

• 2015: N4.9 trillion (budget deficit)
• 2016: N2.2 trillion (budget deficit)
• 2017: N2.1 trillion (budget deficit)
• 2018: N1.9 trillion (budget deficit)
• 2019: N1.8 trillion (budget deficit)
• 2020: N4.4 trillion (budget deficit, COVID-19 pandemic)
• 2021: N3.6 trillion (budget deficit)
• 2022: N3.2 trillion (projected budget deficit)

Key Achievements:

1. Diversification of the Economy: PMB's administration has made significant progress in diversifying the economy, with non-oil sectors such as agriculture, manufacturing, and services contributing more to GDP.
2. Infrastructure Development: The government has invested heavily in infrastructure development, including roads, bridges, and rail projects, which has improved connectivity and facilitated economic growth.
3. Power Sector Reform: The administration has implemented reforms in the power sector, including the privatization of power generation and distribution companies, which has improved power supply and reduced transmission losses.
4. Agricultural Development: The government has implemented policies to promote agricultural development, including the Anchor Borrowers' Program, which has increased agricultural production and reduced food imports.
5. Fiscal Discipline: The administration has maintained fiscal discipline, with a focus on reducing the budget deficit and increasing revenue generation.

Challenges:

1. Insecurity: The country continues to face security challenges, including terrorism, kidnapping, and banditry, which has affected economic activity and investment.
2. Corruption: Corruption remains a significant challenge, with many Nigerians expressing frustration with the lack of progress in tackling the issue.
3. Infrastructure Deficit: Despite progress in infrastructure development, the country still faces a significant infrastructure deficit, which hampers economic growth and development.
4. Exchange Rate Volatility: The exchange rate has been volatile, affecting the value of the naira and the cost of imports.
5. COVID-19 Pandemic: The pandemic has had a significant impact on the economy, with a decline in GDP growth and an increase in unemployment.

In conclusion, while Nigeria's economy has made significant progress under PMB's administration, there are still many challenges that need to be addressed. The government must continue to implement policies that promote economic growth, diversification, and infrastructure development, while also addressing the challenges of insecurity, corruption, and exchange rate volatility.