Discussion in 'The Root' started by MansaMusa, Mar 19, 2016.
It was largely oil and Buhari’s monetary policies
This is actually quite an easy one to explain.
GDP per Capita is simply GDP/Population. In the instance where your population is rising faster than you GDP, then your GDP per capita will fall. It should be known that Nigeria's economy is only about 15% Oil and Natural Gas. However, it (O&G) accounts for more than 70% of the government's income (the Nigerian government does a poor job of collecting taxes). So when oil prices crash, so too, thus government spending (and usually we also see a drop in foreign reserves).
But, 2015 saw the election of Buhari into office. His anti-corruption agenda spooked a lot of people from spending money out of fear for being reprimanded in the anti-corruption crusade.
In the words of some people on ground in Nigeria "Everyone dey fear so money no de flow".
You're missing something bro. Buhari's anti-corruption war is largely one-sided against members of the PDP. Members of the APC (like Ganduje, Babachir Lawal, Oshiomole, Tinubu) are getting away with stealing hundreds of millions of dollars. Corruption didn't scare away investment. Buhari's policies did.
Read this great assessment of Buhari's economic policies:
Buhari 365 Part 3: The President and His Shibboleths
@Benjamin Sisko - This should answer some of your questions
Why Buhari Supporters Should Blame Him For The 2016 Recession
northern nigeria is
Imaging waking up in zamfara
shocking zamfara aka hell on earth
Nigeria, even if we don’t get Biafra, needs to be divided. The North is cursed
Note how Buhari (Jibril) denied his true character in English and didn't remove his hat?
Lagos ranked 212/218 in terms of worst cities to live in
Report says Lagos, Nigeria is one of worst places to live in
Naija no dey carry last