#WetinGoodluckDeyDoSef Part 4 THE ECONOMY (The Big One!) Those who hanker for the return to the good old days of the past (military rule) should pay close attention to the following: Gross Domestic Product (GDP) in Current USD ($) ➖ 1983-1985 (Buhari) Start: $28.1 billion; End: $28.4 billion (Flatlined) Features: Countertrade (trade by barter), Import Licensing which introduced a sort of rent seeking that skyrocketed corruption in the business circles. ➖ 1985-1993 (Babangida) Start: $28.4 billion; End: $21.4 billion (Severe Contraction) Features: Structural Adjustment Programme (SAP), Institutionalized Corruption, Collapse of economy, Disappearance of the Middle Class ➖ 1993-1998 (Abacha) Start: $21.4 billion; End: $32.1 (A Little Growth at Last!) Features: International Pariah Status, Direct Treasury Looting, PTF era chaired by Buhari which turned out to be another DTL avenue. ➖ 1998-1999 (Abdulaslam) Start: $32.1 billion; End: $34.7 billion (Marginal Growth) Features: Holding Pattern, Constitution drafting behind closed doors and stamping WE THE PEOPLE OF FEDERAL REPUBLIC OF NIGERIA, opaque handling of national affairs ➖ 1999-2007 (Obasanjo) Start: $34.7 billion; End: $165.9 billion (Real Growth at Last starting from a very low base, with the Departure of the Military!) Features: Policies that opened up and liberalised the economic space (eg Privatisation), very little Infrastructure Development by Government, $16Billion was pumped into power but the length it takes for the effects of power projects to be felt takes close to a decade by world renown examples ➖ 2007-2010 (Yar Adua) Start: $166.9 billion; End: $228.6 billion (Growth Continued) Features: The Presidents illness and death, The president can rule from anywhere in the world, several reversals of previous administrations policies ➖ 2010-2014 (Jonathan) Start: $228.6 billion; Till Date (2014) $522 billion (impressive growth with the economy more than doubled in 4 years) Features: Nigeria became Africas largest economy, with Oil & Gas contributing only 14% to GDP, indicating a diversified economy on the right track. Nigeria is now a Middle Income Economy (26th largest in the world), and well on its way to breaking into the top 20, by year 2020 - Vision 20:2020, policy formulations finally started moving away from individuals based to system and structure based, foreign investors confidence in the economy improves Much has been the moaning and griping about PDP a rule by those who dont have full appreciation of the fact and figures. However, most dont realise that the economy grown from $34.7 billion to $522 billion - a 15-fold growth in just 15 years! That is Phenomenal! As much as they want to talk it down, that is the reality on ground. Beware of those that sell REVERSAL in the name of CHANGE! Rather, support of the CONTINUITY OF CHANGE, a change that started with the emergence of the current administration should be the way to go! No need allowing yourself to be led astray with well crafted propaganda and lies. Above is the real situation with the economy!
Posted on: Mon, 12 Jan 2015 06:26:57 +0000