Economy

Opinion | The Role of Buhari Administration in the Economic Decline of Nigeria Since 2015

By Mark Olise
Editor-in-Chief Mark Olise examines the role of the President Muhammadu Buhari administration in the economic decline of Nigeria.

The Buhari administration, which came into power in Nigeria in 2015, has been criticized for its role in the country’s economic decline. While there are multiple factors that have contributed to this decline, the policies and actions of the Buhari administration have played a significant role. In this essay, we will explore the various ways in which the Buhari administration has impacted the Nigerian economy and discuss the reasons behind the country’s economic decline.

One of the key factors that have contributed to Nigeria’s economic decline is the fall in oil prices. As one of the largest oil-producing nations in the world, Nigeria relies heavily on oil exports for its revenue. However, in 2015, global oil prices began to fall and have remained low since then. This has had a significant impact on the Nigerian economy, as the country’s budget is heavily dependent on oil revenue.

The Buhari administration’s response to the fall in oil prices has been criticized for being inadequate. Rather than implementing measures to diversify the country’s revenue streams and reduce its dependence on oil, the government has focused on cutting costs and reducing public spending. This has led to a decline in public services and has had a negative impact on the Nigerian people.

Another factor that has contributed to Nigeria’s economic decline is the lack of foreign investment. The Buhari administration’s policies have been criticized for being unfriendly to foreign investors, which has led to a decrease in foreign investment in the country. This has had a negative impact on the economy, as foreign investment is a key driver of economic growth and job creation.

The Buhari administration’s policies on corruption have also had a negative impact on the Nigerian economy. While the government has made some efforts to combat corruption, these efforts have been criticized for being inadequate and for not targeting the most high-level officials. This has led to a perception that corruption is still rampant in the country, which has deterred foreign investors and has had a negative impact on the economy.

The Buhari administration’s policies on the exchange rate have also been criticized for contributing to the economic decline. The government’s strict controls on the exchange rate have led to a shortage of foreign currency, which has made it difficult for businesses to import goods and has led to a rise in inflation. This has had a negative impact on the economy and has led to a decrease in living standards for the Nigerian people.

In addition to these factors, the Buhari administration’s policies on economic growth and job creation have also been criticized for being inadequate. The government’s efforts to create jobs and spur economic growth have been criticized for being slow and for not addressing the underlying structural issues that are preventing the economy from growing.

In conclusion, the Buhari administration’s policies and actions have played a significant role in the economic decline of Nigeria since 2015. The fall in oil prices, lack of foreign investment, inadequate response to corruption, strict controls on the exchange rate, and inadequate efforts to spur economic growth and create jobs have all contributed to the country’s economic decline. In order to address the country’s economic challenges and spur economic growth, the Buhari administration must take bold action to diversify the country’s revenue streams, reduce its dependence on oil, promote foreign investment, combat corruption, and address the underlying structural issues that are preventing the economy from growing.