numbered days

Buharinomics: 12 graphs to understand Buhari’s economic legacy

in depth

This article is part of the dossier:


By Temitayo Lawal

Premium badge Reserved for subscribers

Posted on July 18, 2022 10:42

Buhari won the Nigerian presidential election back in 2015 – following three failed attempts – on a promise that he would turn the ailing economy around, tapping into his background as a retired military general to end insecurity. In this first part of our series, we evaluate a variety of data spanning several years, to create a picture of Buhari’s economic success – and his failures.

This is part 1 of a 5-part series

His phrase “if we do not kill corruption, corruption will kill Nigeria” became the de facto slogan of his election campaign. It hinged on three major pillars: economy, security, and corruption. His promises won him another term in 2019.

However, as Buhari prepares to leave office next year, it is time to address his legacy and whether he made good on his election promises.

Economic growth (GDP)

Nigeria’s economy entered recession twice in five years during Buhari’s tenure. The initial one during his first full year as president (in 2016) was Nigeria’s first recession in 25 years. The trigger was the dip in oil prices and the reduced capacity to produce crude oil: the price of crude oil fell from $112 per barrel in 2014 to $50 per barrel in August 2016 and crude oil production reduced by about 700,000 barrels per day (bpd) to 1.56 million bpd.

In 2020,

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime