If you do not like constant GDP, but prefer real GDP or nominal GDP, check what really matters: GDP per capita. In other words, divide whatever GDP you prefer by the population, check the trajectory and see the performance. Across all indicators, Nigeria has had a lost decade since 2015.
From 1999, you could see how everything was growing. Of course, a great recession happened and Nigeria, like other parts of the world, lost steam. But quickly, Nigeria recovered.
Some have argued that Nigeria had better oil revenues before the last decade. Unfortunately, I do not buy that argument since consistently Nigeria has increased its budget on absolute Naira and USD in the last decade.
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- Nigeria 2013 budget: N4.99 trillion
- Nigeria 2014 budget: N4.69 trillion
- Nigeria 2015 budget: N4.5 trillion
- Nigeria 2016 budget: N6.06 trillion
- Budget 2019: N8.92 trillion
- Budget 2022: N16.39 trillion
(convert with the exchange rate then, the last decade has had more resources)
Yes, in the last decade, Nigeria has been spending more money, on yearly average, as what oil money did not provide, we borrowed. Because Naira is Naira, whether from oil sales or debts, the issue here is efficiency on its management and deployment.
But of course, we cannot debate based on data these days. And that is why we do not even invest efforts to know what worked in the past.
The Growth of Nations: How OBJ Delivered 15% GDP Growth And Buhari Recorded Recessions
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