• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Opinions Blurb

Macroeconomic data that should have decided 2019 elections

Research Team by Research Team
February 15, 2019
in Blurb, Spotlight
Macroeconomic data that should have decided 2019 elections
Share on FacebookShare on TwitterShare on Linkedin

Nigerians go to the polls on the 16th of February 2019 in what most analysts view as the most contested election in the history of Nigeria. Unlike prior elections, the 2019 presidential election is a verdict on the Buhari’s administrations handling of the economy.

It also offers the opposition an opportunity to make a case that if handed back the reins of power, it could make the economy “grow again”. Fortunately for supporters, critics, and neutrals, the National Bureau of Statistics released a slew of data that once again places the economy in the spotlight. In an ideal world, these data may have helped decide who should be ahead at the polls and perhaps win the election.

Macroeconomic data that should have mattered.

Recent data from the National Bureau of Statistics reveal Nigeria’s GDP grew fastest in 4 years with 2.38% growth rate in the last quarter of 2018 (Q4). This is the fastest quarterly growth rate since President Buhari came into power in May 2015.

RelatedStories

“Nigerian stock market is not a reflection of the economy”– Egie Akpata 

“Nigerian stock market is not a reflection of the economy”– Egie Akpata 

November 30, 2024
FDI, foreign direct investment, Covid-19: Nigerian government explains how it will fund proposed N2.3 trillion stimulus

10 Fastest growing sectors in Nigerian economy based on GDP as of Q3 2024

November 26, 2024

Though not fast enough, a 2.83% GDP growth rate suggest the economy is a brisk path to recovery and if sustained could return Nigeria to one of the fastest growing emerging market economies.

The Bureau also released Nigeria’s capital importation data showing total capital inflows into Nigeria in 2018 was $16.8 billion compared to $12.2 billion in 2017. Out of the $16.8 billion in inflows, $8 billion alone went to government bonds.

Last week, the CBN also released its Purchaser’s Manager Index, showing that Nigeria’s Manufacturing PMI for January 2019 was 59.3 points, growing for the twenty-third consecutive month. The PMI is a survey that gauges the perception of the Nigerian economy from the point of view of purchasing managers of companies.

A composite PMI above 50 points indicates that the manufacturing/non-manufacturing economy is generally expanding, 50 points indicates no change and below 50 points indicates that it is generally contracting.

Last January, the unemployment data released by the NBS revealed Nigeria’s unemployment rate was about 23.1% with over 39 million Nigerians, mostly the youth population, out of jobs. The report was dire and exposed how much damage a slow economic growth could impact on job creation.

Nigeria’s inflation rate has fallen since 2016 dropping for 18 consecutive months till it snapped in August 2018. At about 11.44% Nigeria’s inflation rate is still far from the single digit expected to help spur economic growth.

What these indices mean for 2019 election

For most of the voters in Saturday’s poll these numbers mean little or nothing, however for analysts on both side, there is a lot in here to chew on.

  • Buhari supporters believe the GDP growth rate is as a result of its economic policies
  • Supporters of Atiku, the main opposition candidate, believe the economic policies are the reason for the slow economic growth.
  • Buhari supporters also point to the stable exchange rate as a reason for the growth in capital importation, the highest since 2014.
  • Critics of the government chide the controversial handling of the exchange rate for driving away foreign investors in the first place and insist capital importation is still far from the $20 billion recorded in 2014 (during President Jonathan’s presidency).

We do not believe these indices will play heavy in the mind of voters, but undecided voters may have one look at these numbers and decide whether to settle for continuity or a change to how the economy is being handled.

One interesting thing about this election is that supporters of Buhari are hardcore leftist, who believe in using state powers to direct economic activities in the economy. They also believe strongly that fighting corruption, enforcing harsh regulations and banning imports are the sure way of bringing Nigeria to self-sustainability.

For Atiku and his supporters, they are united by Atiku strategy of going against every single thing Buhari stands for and the latter’s hatred for Buhari and his handling of the economy.

A Buhari Win will suggest his supporters are happy with the fight against corruption and perhaps a referendum against the rich. It could also send a dire message to foreign investors that Nigerian voters are not utterly concerned about the slow pace of economic recovery and willing to wait things out for as long as it takes (4 more years).

An Atiku win, on the other hand, will be a major boost for most businesses who have secretly supported his campaign. The message will simply be that the electorate is concerned about the handling of the economy and open to policies that favour free trade and create rapid economic growth even if it comes with increased corruption as a cost.


Follow us for Breaking News and Market Intelligence.
Tags: 2019 electionsmacroeconomicNigerian EconomyOn the Money
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

Related Posts

“Nigerian stock market is not a reflection of the economy”– Egie Akpata 
Economy

“Nigerian stock market is not a reflection of the economy”– Egie Akpata 

November 30, 2024
FDI, foreign direct investment, Covid-19: Nigerian government explains how it will fund proposed N2.3 trillion stimulus
Economy

10 Fastest growing sectors in Nigerian economy based on GDP as of Q3 2024

November 26, 2024
Bitcoin, Silver
Cryptos

Bitcoin market value now nearly 10x the size of Nigerian economy  

November 22, 2024
Tinubu sacks five ministers, appoints seven new ones amid cabinet reshuffle  
Op-Eds

Management of the Nigerian economy: Staying the course but pausing to reflect

October 31, 2024
food insecurity
Economy

10 most expensive staple foods to buy in Nigeria in July 2024 

August 31, 2024
AfriGO announces a groundbreaking “First” – Upgraded AfriGO settlement process for instant credit to POS Merchants
Economy

Key sectors driving Nigeria’s economic growth since Tinubu became President 

August 27, 2024
Next Post
Nigerians are responsible for rising unemployment and economic woes-Buhari

Why Buhari's valentine day's speech was about the economy

Comments 1

  1. Ipadeola Jonathan Okesooto says:
    February 16, 2019 at 12:13 pm

    Capital inflow would not be applied efficiently because Government, an institution that does not spend efficiently got Eight Billion USD; let us consider waste of resources that would attend postponement of election from 16/02/2019 to 23/02/2019. Foreign loan is a source of leakage to the economy especially when prodigally utilized; related charges would be paid in foreign currency and if such loan is not thriftily applied it becomes complete burden when paying back. Government could aid private Investors who have the capacity to obtain foreign loan or partner foreign Investors for provision of infrastructural facilities that We are lacking. We know the loan obtained in foreign currency but We cannot determine the repayment value in local currency because We have a volatile exchange rate which We cannot completely control.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 
  • Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 
  • ‘The era of pit to port must end’ – Tinubu tells West African leaders at WAES2025 

Follow us on social media:

Recent News

Yusuf Tuggar, Nigerian military

WAES: West Africa exported goods valued at over $166 billion in 2024 – Tuggar 

June 21, 2025
Heineken launches mandatory takeover bid of Champions Breweries, offers to buyout remaining 15.3% equity stake

Heineken withdraws staff, suspends operations in Eastern DRC cities amid worsening rebel conflict 

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics