Home News Buhari’s policies will make Nigeria lose 10 years of economic gains -...

Buhari’s policies will make Nigeria lose 10 years of economic gains – World Bank

Nigeria Development Update (NDU) report by the World Bank estimated that despite the country’s gradual recovery from the 2020 recession, Nigerian masses will continue to suffer the adverse effect of the economic downturn.

A new report authored by the World Bank says a full decade of economic growth in Nigeria is likely to be lost by the end of 2021 under President Muhammadu Buhari’s administration.

The international bank made it known that the country’s gross domestic product is likely to approach its 2010 level by the end of the year thus reversing a full decade of economic growth.

The bank in its bi-annual Nigeria Development Update (NDU) report series said that there will be a constant decline in the country’s GDP per capita despite recovery from recession, projecting the country’s population to grow faster than its economy.

The NDU report by the World Bank estimated that despite the country’s gradual recovery from the 2020 recession, Nigerian masses will continue to suffer the adverse effect of the economic downturn.

Despite Nigeria experiencing its deepest recession in four decades in 2020, the World Bank said the government’s response saved the situation from deteriorating.

The Bank commended Buhari for taking bold steps in reforming the country’s deteriorating economic condition, while advising the government to deepen its recent reforms that allows private sector investment for speedy economic recovery.

The Bank, however, also noted that several critical reforms are incomplete, and the government’s monetary and controversial fiscal policies are largely blamed for the recession.

The report noted that the current administration has negatively impacted the Nigerian economy which has had two-record breaking recessions in year 2016 and 2020.

Economic Confidential

RELATED ARTICLES

13m people face hunger in Northern Nigeria – UN

United Nations Development Programme (UNDP) – Global Environment Facility (GEF) said the Food and Agriculture Organisation (FAO) had warned that people in...

AMCON takes over Jimoh Ibrahim’s insurance companies over N69bn debt

Asset Management Corporation of Nigerian (AMCON) on Tuesday announced it has taken over Nicon Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

Kaduna: Court Frees El-Zakzaky, Wife

A Kaduna State High Court, on Wednesday, freed the leader of the Islamic Movement in Nigeria (IMN), Sheikh Ibrahim El-Zakzaky and his...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

BREAKING! New twist as FBI Goes After Supercop, Abba Kyari Over Hushpuppi’s Multi-Million Dollar Fraud

A warrant of arrest has been issued for Nigeria’s police commissioner Abba Kyari, Peoples Gazette can report based on court documents.

Abba Kyari: Nobody demanded for a kobo from Abbas Hushpuppi

In a statement on his Facebook page, Kyari confirmed that his squad truly arrested a suspect that Hushpuppi claimed was threatening his...

State of the Nation: Lord’s Chosen holds prayer for Nigeria

The Lord’s Chosen Charismatic Revival Movement said it has dedicated its Monthly Revival Prayer for July to pray for the stability and...

$1m fraud : Morakinyo Canada based Nigerian jailed in Texas

Olumide Bankole Morakinyo, 38, a Canada-based Nigerian has been sentenced to eight years in prison in the United States for defrauding the...

Recent Comments