The Economist said Nigeria’s economy is “stuck like a stranded truck.”
This revelation is against the growth claimed by the National Bureau of Statistics that “Nigeria’s Gross Domestic Product (GDP) grew by 2.01%(year-on-year), in real terms, in the first quarter of 2019.” But the Economist claimed that “by 2030 a quarter of very poor people will be Nigerian.”
The Economist said that while the inflation is at 11 per cent, some 94m Nigerians live on less than $1.90 a day.
According to the report, “Long lines of lorries stretch like tentacles from Apapa port, the largest in Nigeria.
“Drivers doze in their cabs, feet flung over dashboards; some sling hammocks beneath the chassis.
“Musa Ibrahim, an ebullient trader, says he has been queuing for two days. He gestures at empty buildings. ‘Most of the companies you see here they done close,’ he sighs.”
“The Nigerian economy is stuck like a stranded truck. Average incomes have been falling for four years; the IMF thinks they will not rise for at least another six.
“The latest figures put unemployment at 23%, after growing for 15 consecutive quarters. Inflation is 11%. Some 94m people live on less than $1.90 a day, more than in any other country, and the number is swelling. “By 2030 a quarter of very poor people will be Nigerian, predicts the World Data Lab, which counts such things.”
