American news agency, Bloomberg,
has described President Muhammadu Buhari’s record over the last four years as
discouraging.
The New York-based international
news agency further stated that it wonders if ‘Baba Go Slow’ “is up to the
task” of reviving the economy in his second term.
The news agency noted that in the
year 2000, over 1.4 billion people lived at or below the global poverty line of
$1.90 a day.
In its editorial published on
April 7, 2019, Bloomberg stated that one of humanity’s most hopeful
developments in recent decades has been the dramatic drop in extreme poverty,
adding that Nigeria needs growth to defuse poverty time.
It added, “Today, the number is
about 600 million. This remarkable change is mainly due to growth in China and
India. Much of sub-Saharan Africa, particularly Nigeria, has failed to share in
the success.
“A decade ago, Nigeria had far
fewer people in extreme poverty than either China or India; today, according to
data compiled by the World Data Lab, it has more than both combined. The count
stands at more than 90 million, and has risen both in absolute terms and as a
share of the total.
“Nigeria’s young and fast-growing
population is projected by the United Nations to double in size by 2050, making
it the world’s third-biggest. Even assuming that the proportion of Nigerians
living in extreme poverty stops rising as quickly as it has in recent years,
it’s on course to remain extraordinarily high for the foreseeable future.
“Nigeria’s success or failure in
confronting extreme poverty will be pivotal for the rest of Africa, too —
partly because of its huge population but also because of its outsize influence
over its neighbors.
“The government led by President
Muhammadu Buhari, recently re-elected to a second and final four-year term,
bears a grave responsibility. One wonders whether a politician known as “Baba
Go Slow” is up to the task.
“His record over the last four
years is discouraging. Economic growth has barely recovered following the 2014
crash in the price of oil, which remains Nigeria’s biggest export and source of
government revenue.
“Per capita gross domestic
product is less than it was when he took office. Joblessness has more than
tripled. Efforts to spur agriculture and other non-oil parts of the economy
have failed. Foreign direct investment has fallen by more than half since
2010.”
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