Edichaj's Blog

In August, Nigeria lost its position as Africa’s biggest economy to South Africa, following the recalculation of the country’s Gross Domestic Product (GDP). The IMF had predicted that Nigeria’s economy would grow away from a recession in 2017. “A recalculation using current exchange rates put South Africa on top because the rand has strengthened against the dollar,” BBC had said in August. “Based on gross domestic product at the end of 2015 published by the International Monetary Fund, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion,” Bloomberg had also said.

The immediate past governor of Imo state, Ikedi Ohakim, has said that the nation’s economy was already crippled before the administration of President Muhammadu Buhari, Vanguard reports. He disclosed this while delivering a 52-page lecture titled: “Leadership in times of adversity. Navigating Nigeria’s turbulent economy”, at the 2016 Diocesan Synod of Ikeduru Anglican Diocese. “There is no doubt that before the Muhammadu Buhari administration, Nigeria’s economy had been diagnosed HIV positive, but it was being professionally managed with anti-retroviral drugs,” he said. However, Nigeria’s economic woes seem to be far from over following the disclosure by the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele that the economy was gloomy. Emefiele who made the disclosure on Tuesday, July 19, during a closed-door meeting with senators said it was frightening that the nation was experiencing economic stagnation and inflation at the same time. According to V...

Ekiti State Governor, Ayodele Fayose, has said the poor state of the nation’s economy will continue throughout the tenure of President Muhammadu Buhari and will lead to the collapse of his government. Speaking during the Thanksgiving Service marking the First Anniversary of the Fifth Assembly of the Ekiti State House of Assembly at the Government House Chapel, Ado Ekiti on Sunday, Fayose said the All Progressives Congress- led government would fail woefully in addressing the problem. According to a statement by the Special Assistant (Media) to the Speaker, Stephen Gbadamosi, the governor claimed he decided to go on solidarity strike with the workers in the state when it dawned on him that the Federal Government had failed and would continue to fail in revamping the nation’s economy. “I am not a prophet of doom, but I must tell you the truth. It is this economic downturn that will pull down the Buhari-led government. Mark my word. The economy will improve, but...