Jutha Gupah, Maiduguri
The World Bank has said that despite former President Olusegun Obasanjo’s critics on “leadership and economic performance,” he surpassed three of his successors on Gross Domestic Products (GDP) of Nigeria by 50.65 per cent.
The three successors of the Obasanjo administration between 2006 and 2023 for each a term or two included Umaru Musa Yar’Adua, Goodluck Jonathan, and the serving Muhammadu Buhari who will hand over to an elected President on May 29, 2023.
This was disclosed, yesterday (Thursday), in a World Bank report rating, titled: “Performance of Nigerian Presidents from 1999 to 2021.”
The ratings also contained the Bank’s GDP annual growth rates in the last 22 years for each of Nigeria’s former and serving Presidents.
As Obasanjo recorded the highest average economic growth of 50.65 percent, Yar’Adua and Goodluck Jonathan recorded averages of GDP growth of 15.36% and 25.7% respectively.
“Buhari in the last three years and a half, dismally performed with an average GDP growth of 11.52 per cent,” said the Report.
Besides the GDP growth rates of performances, the rate of inflation continues to rise from 17.8 per cent in 2014 to 21.47% in 2022.
The report added that even the rates of unemployment; also rose to 33.3 per cent, unlike the single digit rate of inflation of 9.79 per cent during the Obasanjo administration.
On the dismal performances of Jonathan and Buhari, the report noted: “Since 2011, the security landscape has been shaped by the war against Boko Haram and other terrorists’ groups in the Northeast.
“This is in addition to incessant cases of banditry and kidnappings in the north-west and parts of the southwest,” it said.
The report also stated that the South East region continues to witness unrest resulting from separatist agitations, including the Indigenous People of Biafara (IPOB)
While reviewing Nigeria’s economic performance, the report said: “Following the COVID-19 pandemic induced recession in 2020, Nigeria’s economic growth recovered but macroeconomic stability was weakened.
“Amidst global commodity shocks, a depreciating currency, trade restrictions, and monetization of the deficit, inflation is surging and pushing millions of Nigerians into poverty.
“Since 2021, Nigeria is also unable to benefit from the surging global oil prices, as oil production has fallen to historic lows, while petrol subsidy continues to consume a larger share of oil revenues.
Continued; “In 2018, 40% of Nigerians (83 million people) lived below the poverty line, while another 25% (53 million) were vulnerable.
“With Nigeria’s population growth continuing to outpace poverty reduction, the number of Nigerians living in extreme poverty is set to rise by 7.7 million between 2019 and 2024.”
The World Bank however, projected the Nigerian economy to grow at an average of 3.2% in between 2022 and 2024.
It noted that the growth outlook is, however; subjected to the downside risks; including further declines in oil production and heightened insecurity in the four regions in north and south.
Besides, the report added that the continued scarcity of foreign exchange and tighter liquidity could affect the economic activity in the non-oil sector.
“This will undermine the overall macroeconomic stability in the various sectors of the economy,” said the Report.
It warned that the economic uncertainty is also expected to be accompanied by rising inflation with prolonged servicing of accumulated debts in trillions of naira.
According to the report, the implications of accumulated heavy debts was the inability of the country to embark on new capital projects and sustain the few existing ones.
