Nigeria’s trade and economic data from 2015 when President Muhammadu Buhari was elected into office is represented in this phase of analysis.
Foreign Direct Investment Data
The foreign direct investment (FDI) equity flows in Nigeria’s economy in 2015 was $3.06 billion representing 0.63% of the GDP; In 2016, there was a slight increase in the foreign direct investment with $3.45 billion invested representing 0.85% of the GDP; There was a decline in the FDI in 2017 with $2.41 billion in foreign investments, making up 0.64% of the GDP. In 2018, there was major decline in the foreign direct investments coming into the country, less than $1billion($0.78B) was recorded for the year, representing 0.20% of the GDP. 2019 saw an increase of almost $2billion in foreign investments, with $2.31billion recorded, representing 0.51% of the year’s GDP. The FDI in 2020 saw a slight increase, $2.39 billion was recorded, representing 0.55% of the GDP.
Gross Domestic Product (GDP) Data
Nigeria’s GDP data from 2015 to 2021:
2015 GDP: $486.80 billion , 2.65% GDP growth from previous year
2016 GDP: $404.65 billion, -1.62% GDP decline from 2015 data
2017 GDP: $375.75 billion, 0.81% GDP growth from 2016
2018 GDP: $397.19 billion, 1.92% GDP growth recorded
2019 GDP: $448.12 billion, 2.21% GDP growth recorded
2020 GDP: $432.29 billion, a decline of -1.79% in GDP was recorded due to the effect of COVID-19 pandemic on the economy.
2021 GDP: $440.78 billion, an increase of 3.65% in GDP was recorded, commendable growth considering the economy was just recovering from the devastating effect of Covid-19 pandemic.
Nigeria’s Trade to GDP Ratio Data
The ratio of exports and imports of goods and services measured as a share of gross domestic product (GDP) from 2015 to 2019 is represented in this data:
In 2015, the percentage of Nigeria’s trade volume in total GDP was 21.33%, 2016 was 20.72% a decline of -0.61% from 2015 data; In 2017, the percentage of GDP in the country’s trade was 26.35%, a GDP growth of 5.63% from the 2016 data. 2018 also saw an increase in the percentage of GDP with 33.01%, a GDP growth of 6.66% from the previous year, likewise 2019 with 34.02% increase in GDP, representing 1.02% GDP growth.
Nigeria’s Gross National Income (GNI) Data
The Gross National Income Data from 2015 -2021:
Nigeria’s Gross National Income in 2015 was $511.13 billion, representing a 3.55% growth rate for the year; 2016 was $452.68 billion, a decline of -1.09% from the previous year; 2017 GNI was $398.88 billion, with a growth rate of 0.08%; GNI was $384.74 billion in 2018, with a growth rate of 0.53%; 2019 saw an increase in GNI recording $407.59 billion, an impressive growth rate of 3.48%; 2020 was affected by COVID-19 with a decline of -2.32% in growth rate but an increase in GNI recording $412.81 billion; In 2021, there was an increase in both GNI and growth rate, recording $444.04 billion and 3.12% respectively.
The Data represented clearly shows how the Muhammadu Buhari’s administration have weathered the storm in times of COVID-19 pandemic and did a good job managing and keeping a sustainable growth in the country’s trade and economy before and after the pandemic.