The 10-Year Challenge and a Comparative Snapshot of Nigeria’s Key Economic Indicators

Friday, January 18, 2019 6.00PM / Bukola Akinyele for Proshare WebTV

As the 10 year challenge continues to dominate the social media platforms, with people posting pictures comparing their looks far beyond with 2019, we also captured in a snapshot some of the key economic indicators from 2008 till 2018.

This graphic illustration provides an opportunity to understand and assess what has been the pace of economic growth in Nigeria and other related activities in the country.

Our creative graph focused on the following indicators;

Gross Domestic Product

The Real annual GDP growth rate for 2008 was 7.2%, but has in a ten year period experienced a downward slope to 1.81%, as at Q3, 2018.

Inflation

Nigeria’s December Inflation rate for 2008 was 15.06%, which shows a steady rise in a decade there has been a December inflation rate for 2018 was 11.44%

Unemployment Rate

Unemployment rate in 2008 was 4.05%, but has grown astronomically to a double digit level of 23.1% by 2018.

Foreign reserves

Nigeria’s foreign reserves in 2008 was approximately US$62.08bn, but dipped to US$43.116bn by 2018.

Monetary Policy

The Monetary Policy rate of Nigeria  in December 2008 was 9.75%,  it has since then increased by over 300% basis points to  14.00% as at November 2018.

Exchange Rate

Nigeria’s Exchange Rate in 2008 was N115.50/$1, but in a decade increased and by 2018 peaked to N305.5/$1.

Find below the table

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