The Nigerian President released a statement via a series of tweets today making claims that almost suggest that we have a stronger economy today. One tweet in particular stood out for me and i will quote it in full:
Improving macroeconomic indices:
– GDP growth doubled between Q2 & Q3 2017; strong showing in Agriculture & Industry
– Capital Importation up to $4.145bn Q3 2017
– Foreign Reserves up to $40bn
– Inflation down 11 consecutive months
– Up 24 places on World Bank Doing Biz Index
I will like to remind our dear President Buhari as follows:
You inherited a country with GDP growth rate at 6.3% and you are celebrating your measly 1.4% last year even when the global growth rate was about 3.4%. In essence, you not only stunted the growth prospects of this country by a massive 142% against global average but also eroded our productive capacity by almost a fifth of what it used to be.
You went ahead to celebrate 11 consecutive falls in inflation while smartly hiding the fact that You inherited an inflation rate of 8% but presently bequeaths us with 16% inflation rate. Not only did you destroy our productive capacity by a fifth but you also eroded our core values, net worth by half. Your government effectively broke the Nigerian people into two!
Your much vaunted celebration of achievements in Agriculture will also need to be put under the microscope. In the Q4 of 2014 , agricultural sector GDP grew by 6.28 percent (Year-on-Year) while contributing 22.04% to nominal GDP. Under you however, this same sector is presently stuttering at 3.06% growth
Under you, Nigeria fell into a recession that lasted for five quarters. And it has to be said that agricultural sector’s sustained positive momentum during this period occurred not because of you but in spite of you, as one has to dig back to 1987 (30 years ago) to find a time that the sector ever made a negative contribution to GDP.
We hear you thumping your chest about capital importation of $4.145 billion (sic) in 3rd quarter of 2017. First of all, its actually million not billion. Now, We know you like to trade blames and compare unreasonably so we will point you to the last 3rd quarter that your predecessor superintended. Capital importation during the 3rd quarter of 2014 stood at $6,542.58 million. What this says is that only you see the phenomenal performance that you have been rendering.
Nigerians have never had it so bad and its a sad commentary that you, Mr. President, was still at the helms the last time we lived through this nightmare in the 4th quarter of 1983!
You take pride in consistently shifting blames to previous governments yet conveniently forgets that placed side by side, you have delivered the worst performances of any administration in Nigeria in living memory. It is so bad that you have chosen to spin economic facts on its head. This is evil and it is not the Change we want.
Those who now voice their opinion that you should free Nigeria of your incompetence and retire into the sunset are the real heroes. And if ever there is a need for you to listen to the voice of reason, this is it.