Retail
  • Home
  • News
  • 2023 election
  • Governance
  • National Assembly
  • Presidency
  • Foreign
  • Privacy Policy
No Result
View All Result
Premium Politics
No Result
View All Result
Home News

Nigerians miserable under Buhari, global index shows

by Agency Report
May 4, 2022
in News
Reading Time: 2 mins read
Buhari condemns attack on Ifeanyi Ubah

Buhari

0
VIEWS
Share on FacebookShare on Twitter

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

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.

YOU MAY ALSO LIKE

Kogi Assembly holds members-elect induction course

Again, Plateau police seal Assembly complex

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 the 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, which measures inflation, increased to 15.92 percent 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.

“We now expect growth to slow to 3.8 per cent this year from last year’s better-than-expected 4.5 per cent, according to our latest Regional Economic Outlook. Though we project annual growth to average four per cent over the medium term, it will be too slow to make up for ground lost to the pandemic.”

Inflation in the region is expected to remain elevated in 2022 and 2023 at 12.2 per cent and 9.6 per cent respectively—the first time since 2008 that regional average inflation will reach such high levels, the report said.

 

Tags: GDP growthNational Bureau of Statistics
ShareTweetSend
ADVERTISEMENT
Previous Post

Late Ajimobi’s son declares for Oyo Assembly seat

Next Post

Southern Presidency inevitable, North has more to gain –Ndume

Related Posts

Kogi Assembly holds members-elect induction course
News

Kogi Assembly holds members-elect induction course

May 31, 2023
Again, Plateau police seal Assembly complex
News

Again, Plateau police seal Assembly complex

May 31, 2023
Femi Adesina
News

Femi Adesina gets new job at The Sun newspaper

May 31, 2023
Enugu govt orders ex-political appointees to hand over
News

Enugu govt orders ex-political appointees to hand over

May 31, 2023
Why I prefer Mallam over His Excellency – Jigawa gov
News

Why I prefer Mallam over His Excellency – Jigawa gov

May 30, 2023
Nigeria is back to 2015 era with Tinubu - LP
News

Nigeria is back to 2015 era with Tinubu – LP

May 30, 2023
Next Post
Southern Presidency inevitable, North has more to gain –Ndume

Southern Presidency inevitable, North has more to gain –Ndume

Leave a Reply Cancel reply

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

Recent News

Tinubu receives Chinese envoy to boost diplomatic ties

PHOTOS: Tinubu receives Chinese envoy to boost diplomatic ties

by Alade Abayomi Adeleke
May 31, 2023

JUST IN: Uzodinma named APC govs’ forum chair

JUST IN: Uzodinma named APC govs’ forum chair

by Marcus Amudipe
May 31, 2023

Kogi Assembly holds members-elect induction course

Kogi Assembly holds members-elect induction course

by Marcus Amudipe
May 31, 2023

PDP

Ondo, Edo senators Akinyelure, Urhoghide dump PDP 

by Kazeem Owoseni
May 31, 2023

Premium Politics

© 2023 Premium Politics

Navigate Site

  • Home
  • News
  • 2023 election
  • Governance
  • National Assembly
  • Presidency
  • Foreign
  • Privacy Policy

Follow Us

No Result
View All Result
  • Home
  • News
  • 2023 election
  • Governance
  • National Assembly
  • Presidency
  • Foreign
  • Privacy Policy

© 2023 Premium Politics

Go to mobile version