Wilson Erumebor, a senior economist at the Nigerian Economic Summit Group, has stated that Nigeria’s economy is faring worse under President Bola Tinubu than it did under his predecessor, Muhammadu Buhari. He made this assertion during a recent discussion on X space hosted by financial analyst Kalu Aja.
Erumebor noted that Nigeria’s gross domestic product (GDP) has fallen to below $200 billion, a significant drop from $450 billion in 2023. “The economy presents a mixed picture,” he explained. “There are areas of improvement as well as stagnation.”
He pointed to a document available on the Ministry of Finance’s website, which projects that Nigeria’s economy will exceed $8 trillion by 2030. In contrast, the GDP was estimated to be around $450 to $410 billion in 2023, and now it has plummeted to under $200 billion. “It is clear that this is not progress,” he concluded.
It is clear that the current situation does not reflect progress toward the goals and targets set by the government. In fact, conditions have deteriorated since they took office. The growth rate has dropped from 7 percent per year to just 3.4 percent, with the IMF projecting a further decline to 3 percent.
They had promised to lift 100 million people out of poverty, yet the reality is that more Nigerians have fallen into poverty due to recent reforms. The goal of creating 50 million jobs seems far from being realized.
The exchange rate has also worsened, moving from N550-600 per dollar to approximately N1,500 per dollar.
However, he did acknowledge some improvements in Nigeria’s external reserves, foreign exchange stability, and balance of trade over the past few months.
“For instance, external reserves have increased from $30 billion to around $38 billion, and there has been some stability in the exchange rate and balance of trade.
Tinubu was inaugurated as Nigeria’s president on May 29, 2023. It is worth noting that Tinubu’s administration criticized Femi Adesina, the president of the African Development Bank (AfDB), for his statement suggesting that Nigeria’s per capita GDP in 2025 will be lower than it was in 1960.
