Where are we going? The GDP is falling

[Charles-Tim]

One of the things responsible for the falling GDP is devaluation of naira. But no devaluation since naira got to 1800 to a dollar in many months ago which is now more than a year ago. So why the GDP still falling. I was surprised with what I saw two days ago. I was unable to post about it until today.

Nigeria GDP:

In 2014: $568.57 billion
In 2015: $492.44 billion
In 2016: $404.65 billion
In 2017: $375.75 billion
In 2019: $474.55 billion
In 2021: $441.63 billion
In 2023: $363.82 billion
In 2024: $199.72 billion
In 2025: $194.96 billion

I think we have more exports now and naira value is not falling like before. Why the declining GDP.

[memehunter]

Damn, from $568.57 billion in 2014 to $194.96 billion in 2025. Your country needs some fundamental reforms in the economy. IMO it is good to post India's (my country) GDP situation as well;


As you can see clearly, there is an effect of COVID-19 on growth, but we are on the path of recovery, while in your case, it is like a continuous trend.   

[Mia Chloe]

One of the things responsible for the falling GDP is devaluation of naira. But no devaluation since naira got to 1800 to a dollar in many months ago which is now more than a year ago.

On a general basis the economy is declining and aside from that let's not ignore the effects of inflation too on a declining economy.

Nevertheless I'm just as baffled as you are by those GDP numbers. I mean we've had a relatively stable naira exchange rate and our exports have supposedly increased. So what's behind this steady decline in GDP? I think one possible explanation is the decline in oil prices. As you know Nigeria's economy is heavily reliant on oil exports, so if global oil prices take a hit our export revenue takes a hit too.