Nigeria’s economy worse under Buhari —World Bank

A report by the World Bank has noted that Nigeria’s economy under President Muhammadu Buhari was worse than what it used to be 10 years ago.

The report which was released on Thursday, said the hike in food prices in the country had amplified the negative impact of increased poverty on economic growth, noting nearly 110 million people in countries like Nigeria, the Democratic Republic of Congo, Ethiopia, and South Sudan had been in situations characterised by food crises.

The findings of the report which were contained in its flagship report for 2022, titled ‘Global Economic prospect’, said “the Coronavirus pandemic reversed at least a decade of gains in per capita income in some countries,” but in Nigeria, under the Buhari-led administration, the poverty level meant the economy had performed woefully.

The report also noted that disruptions to the supply chains or armed conflicts could contribute to surges in food prices, leaving vulnerable groups suffering the most.

Read also: World Bank projects 2.5% growth for Nigeria’s economy in 2022

“Further rise in food prices would squeeze households’ purchasing power and erode consumer confidence, causing more subdued growth and hindering poverty reduction,” the report stated.

This is not the first time the World Bank knocked the President Buhari administration over its poor management of Nigeria’s economy.

In 2021, the apex global bank had criticised Buhari’s fiscal policies, specifically noting the negative effect of Nigeria’s Central Bank exchange rate policies on investments and fuel inflation.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now