Economy Under You Worse Than It Was In 2015 – MAN Tells Buhari

The Manufacturers Association of Nigeria (MAN) has slammed President Muhamamdu Buhai over his claim that the economy under him is better than it was in 2015.

Ezenwoko's Blog recalls that Buhari had in a recent interview with Bloomberg said that the country's economy is now better than what he met in 2015.

The Nigerian leader pointed to increased investments in infrastructure, recovery of stolen funds and improved security as key achievements.

Buhari had said: “We leave Nigeria in a far better place than we found it.

“Corruption is less hidden, for Nigerians feel empowered to report it without fear, while money is returned; terrorists no longer hold any territory in Nigeria, and their leaders are deceased, and vast infrastructure development sets the country on course for sustainable and equitable growth.”

Reacting to the claim, MAN President, Ola Adebayo, said Buhari's regime's policies have not translated into positive economic growth and real sector development.

Adebayo faulted the regime's implementation of policies under Buhari, stressing that his regime would not score a pass mark.

He said, “One thing I have observed is that policy formulation is different from implementation. With the recent events, I don't think the government has passed. We only have very good policies on paper, but the implementation has been lacking. Once there is no implementation, it becomes just an idea.”

It is understood that Nigeria experienced two recessions – one in 2016 and another in 2020 fuelled by COVID-19 under the Buhari government.

As at the fourth quarter of 2014, Nigeria's unemployment rate was 6.2 per cent, according to data by the National Bureau of Statistics, NBS. As at the fourth quarter of 2021, the NBS disclosed that the rate in the economy had risen to 33.3 per cent, making it one of the worst in the world and signifying a 437 per cent increase over the seven-year period.

As at May 2015, Naira exchanged for dollars at N197/$ at the interbank market and N217/$ at the parallel market.

Naira is N415-N420 to a dollar at the Importers and Exporters Window and nearly N603-N610 at the parallel market and subsidy has since risen from N100 million in 2015 to N4 trillion in 2022.

Inflation is not spared as prices have risen by over 70 per cent since Buhari came to power. Inflation has since 2015 risen from 9.01 per cent (average number in 2015) to over 17 per cent in May 2022.

The Misery Index in 2015 was 47.7 points but it has risen to 50.48 points, meaning that more Nigerians are now more miserable than they were in 2015.

Similarly, in 2018, Nigeria was adjudged by the World Poverty Clock as the world's poverty capital.

According to the World Bank, the poverty rate was 33.1 per cent by the end of 2014/ beginning of 2015, but poverty rate will likely sit at 42.6 per cent in 2022.