I went to check the Statista and I saw Nigeria GDP to have declined but not down to $253 billion but $394.94 billion. On Statista, it gives estimation up to 2028 and 2024 has not yet finished which makes me think it could just be a guess work or speculation rather than the real estimated value.
the reason why today we are doing well economically and the next day everything goes the opposite direction has been because we don't have a long term plan as a nation. No doubt, the devaluation of the naira has had great impact on companies that depend on imported materials for most of thier activities and so it's possible it will definitely affect there overall performance and in the same process being down our GDP but the truth is that if we have been consistent with how we encourage our local producers such that we depend more on locally made goods and considering the level of skilled man power we have locally already, building a strong plan that will see us as a consistent economic hub of Africa wouldn't be a big deal.
Places like Lagos, Aba, port Harcourt, onisha and all those other areas that all contribute to growing GDP should have been given ultimate attention and the environment made to support commerce but you leave those places like that and you don't want to ensure that we see a reasonable boast in how good we are in terms of locally made goods.
Giant of Africa when ron de comot from first place for most things that one no be better giant be that na.
The new Bola Ahmed administration thought it was wise to remove subsidy and brought in new reforms that were thought to better the economy after the Naira has been devalued twice, it however failed to acknowledge that before the subsidy be removed, the refineries in the country were to have been functioning to a very good standard, so as to limit the tonnes of crude oil exported.
Also, the new reforms included the CBN mostly and their backlog of debt details that had to be cleared, still, the sudden case against Binance and many Crypto users became more for taxing with as many other hustles facing same without any grants or aids. Naira isn't even as much in circulation as we hoped and as it gains some value against the dollar, it is yet to reflect in the market prices of items and commodity.
It makes sense why this country remains in fourth as given by the IMF, and with as much debt from several places and the world bank, that the future generations won't be able to repay.
