Nigerians are economically miserable under Buhari’s administration, global index shows

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Nigerians were more miserable in 2021 than they were in 2020, statistics from the Hanke’s Annual Misery Index have shown.

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According to the report, which analysed 156 countries by calculating their unemployment rates, inflation, prevailing lending rates and GDP growths, Nigeria went from 15th among the most miserable countries in the world’s ranking in 2020 to 11th in 2021.

The figures, published on the verified Twitter handle of Steve Hanke, a professor of applied economics at John Hopkins University, showed that Nigeria was the fourth most miserable country in Africa last year, only behind Sudan, Zimbabwe and Angola.

According to the report, the five least miserable countries were Brunei, Switzerland, China, Taiwan, and Japan. The United States ranked 95th, making it the 14th least miserable nation of the 108 countries on the table.

The latest report by the economic expert once again underlines the instability of Nigeria’s economy in the last seven years, captured by two recessions between 2016 and 2019.

According to the National Bureau of Statistics, the consumer price index (CPI), which measures inflation, increased to 15.92 per cent year-on-year in March 2022. Figures by the NBS also pegged Nigeria’s unemployment rate at an all-time high of 33.3 per cent.

The latest figures bring Nigeria’s misery index points to 49.22, a significant uptick from the 41.12 index points recorded at the start of Buhari’s term.

In a recent report titled, “Africa Faces New Shock as War Raises Food and Fuel Costs,” the International Monetary Fund, in its Regional Economic Outlook, said that it expected Nigeria’s economic growth to slow to 3.8 per cent this year from last year’s 4.5 per cent.

The report said the effects of Russia’s invasion on Ukraine would be deeply consequential, eroding standards of living and aggravating macroeconomic imbalances. #repostios #repostw10

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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