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Hard words from Theresa May ahead of her visit to Nigeria

Hard words from Theresa May ahead of her visit to Nigeria

Onome Ohwovoriole by Onome Ohwovoriole
5 years ago
in Business News, Politics
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Theresa May, Prime minister of the United Kingdom may have set the tone of her talks with President Muhammadu Buhari ahead of her visit today. In a speech given in South Africa, she highlighted the high level of poverty, in Africa and Nigeria specifically.

“Most of the world’s poorest people are Africans. And increasing wealth has brought rising inequality, both between and within nations. For example, much of Nigeria is thriving, with many individuals enjoying the fruits of a resurgent economy. Yet 87 million Nigerians live on less than $1.90 a day – making it home to more very poor people than any other nation in the world.”

VIDEO: 87 million Nigerians live on less than $1.90 a day – Theresa May pic.twitter.com/3pZm6eQ5mm

— Nairametrics (@Nairametrics) August 29, 2018

The core issues

While many may latch on the figures, at the core are two issues: GDP growth is far lower than the population growth rate, amidst high unemployment. Figures released this week by the National Bureau of Statistics (NBS) show Nigeria’s Gross Domestic Product (GDP) grew by 1.50% in the second quarter of 2018. Full-year growth has been forecast by some analysts to be in the range of 2%. The population, however, has an annual growth rate of around 3%.

Unemployment is also high 

Data from the National Bureau of Statistics (NBS) shows the unemployment rate for the third quarter of 2017 was 18.8%. This compares to 16.2% and 14.4% in Q2 and Q1 respectively. Nigeria’s unemployment rate was 7.5% when the Buhari Administration took over at the end of Q1 2015. The rise could be tied to the recession which the economy fell into barely a few months after the administration’s resumption, which was driven by a fall in crude oil prices and production volumes due to militancy in the oil rich Niger Delta.

In essence, the country’s population is growing faster than the economy, amidst rising unemployment.


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Tags: Muhammadu BuhariNBSTheresa May
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

Comments 1

  1. Stanley says:
    September 1, 2018 at 8:47 pm

    While bilateral relations with developed economies are welcome, African leaders must understand that it is their primary responsibility to fix their impoverished economies. No developed country will do that for us no matter how much credit or aid they extend to us. Even the lenders may know beforehand that much of the funds will be embezzled eventually while poverty continues to rise.

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