Opposition politician and former appointee of Goodluck Jonathan and a bitter critic of the APC-led Federal Government of Nigeria, Chidi Odinkalu, was recently caught in a maze of his own schemes as his attempt to misrepresent the significance of the recent economic progress by Nigeria met formidable responses from citizens who pointed out the hypocrisy of his own analysis based on the same source he referred, to downplay the country’s progress. This is after many patriotic observers wonder why Investopedia’s report on Nigeria’s improvement from 46th to 25th largest economy in the world, was not being much publicised by the media and organisations like BudgIt Nigeria.
Investopedia had reported that “Throughout most of the world, countries’ GDPs fluctuate with the phases of different economic cycles, against a backdrop of longer-term economic growth over time. However, it’s interesting to see that despite these ups and downs, the top economies as measured by GDP don’t budge easily from the positions they hold. When compared to the top 25 economies in 2000, there are only three countries in the top 25, Thailand, Indonesia, and Nigeria, that weren’t there before. That said, there have been some big movers within the list. China and India moved up into second and fifth place respectively, having been in sixth and 13th place in 2000. Further down the list, Indonesia, one of the three aforementioned newcomers to the list, vaulted forward from 27th largest economy in 2000 to 16th in 2019, while Nigeria leapt from 46th place all the way to 25th.”
Odinkalu had posted a tweet, saying “In 2014, #Nigeria’s nominal GDP was $568.5. In 2019, it ended up at $448.1, a cumulative drop of over 22% or an annual loss of nearly 5% in value. 2020 will be worse still. That is what this lot call progress.” However, Odinkalu did not take into cognisance the global economic plunge experienced during the 2019 calendar year, which meant that compared to other developed countries, Nigeria’s GDP was a fair progress on the previous calendar year.
He was responding to a tweet by a citizen who wonders why most media outfits in Nigeria, along with independent organisations like EIE and BudgIt Nigeria, a fiscal policy and transparency monitoring organisation co-owned by a PDP-affiliated youth, to which his attention was called by tag. Click here to read the report by Investopedia that discloses that Nigeria has moved from 46th to the 25th largest economy of the world. See the post below, and Odinkalu’s response.
Odinkalu’s replied appeared to suggest that Nigeria’s GDP is less than it was in 2014 so there is no reason to celebrate.
However, Odinkalu craftily screenshot a statistics on Nigeria’s nominal GDP of recent years, and said that those tagging him had no reason to celebrate. This led to a flurry of citizens who went to the same source, to prove that the statistics that Odinkalu referred to, was not due to individual country’s economic failure but a global economic plunge which affected most countries including the USA, China, and several other developed countries. See their responses below.
There were acidic, scorching replies to Odinkalu.