AN EXAMINATION OF FACTORS CONTRIBUTING TO THE ECONOMIC DECLINE UNDER BUHARI ADMINISTRATION (2015 TO 2022)

CHAPTER ONE:

INTRODUCTION

1.1 Background of the study

Even in this day and age, the most of African nations, if not all of them, are still struggling to advance to a higher degree or level in the socioeconomic development of their many different civilizations. Despite the fact that this failure has always been linked to external forces, which have, for the most part, played a relatively minor role when compared to the influence of forces or factors within the country, which are significantly more detrimental to the expansion and socioeconomic development of these nations (Al Jazeera, 2017). The failure of administrative leadership throughout these nations to tap, start, and modify the societies in accordance with the resources (both human and Material) at their disposal within their geographical area is the most notable among these problems. To put it another way, the socioeconomic development of any society is extremely dependent on the nature, character, and pattern of its administration. This is true regardless of the type of society. For example, Audu (2016) highlighted that in terms of resources, Nigeria is blessed with huge natural and human resources, sufficient to rank it among the leading 20 developed nations of the globe. This was said in reference to Nigeria's position as a resource-rich nation. Additionally, it is the nation that produces the most oil in all of Africa, making it the sixth most oil of any country in the world. Despite this, none of these changes have been implemented or reflected in the socio-economic situations of Nigeria's population. Despite its abundant human and natural resources, Nigeria has had fourteen different administrations since it gained its independence, each of which had a significant impact on the structure of socioeconomic development and the well-being of citizens across the country (As'mau, 2017). Nigerian citizens had high expectations that the new era of socioeconomic development and welfare of citizens had arrived to stay after the return of civil rule in 1999. However, today these expectations have been defeated by the high level of poverty, unemployment, corruption, and insecurity among other factors that have worsened the inferior social, economic, and well-being of the common men in the country (Bello, 2017). On the one hand, the present government, which is led by President Buhari, made a commitment throughout the course of his campaign to put an end to all of the social and economic problems if he were to be voted into power in 2015. On the other hand, many people believed that now that he has assumed the office that he once held as a military officer and for which he contested four times, it is expected that his administration will urgently tackle several challenges that have besieged Nigeria over the course of the last three decades (Easton, 2019). However, things are getting even worse than expected, which is especially concerning when taking into account the large number of unemployed young people who are free to roam the streets. These youths have contributed to the high level of poverty and a variety of crimes that are committed across the country. In recent years, Africa, and Nigeria in particular, has been characterized by widespread economic stagnation and misery (Fawole, 2022). There is never a point in time when the Nigerian masses are not confronted with at least one economic obstacle, but the difficulty has exceeded and beyond all previous levels under this regime. The prayers and aspirations of the impoverished Masses for a better life have never been more than a pipe dream due to the fact that their circumstances continue to deteriorate rapidly. The circumstances, rather than getting better, are becoming worse day by day, particularly under the government that is being headed by President Buhari and the APC. Therefore this study will examine factors contributing to the economic decline under Buhari administration from 2015 to 2022.

1.2 Statement of the problem

The need to re-evaluate the economic achievements of the current administration in Nigeria through the lens of the economy and security is urgent. For instance, rising food prices can be linked clearly to the inaccessibility of farmlands taken over by criminal herdsmen and rampaging bandits due to prolonged conflict (Ibekwe, 2015). One of the biggest fish markets in West Africa, located in Baga near the Lake Chad basin in North East Nigeria, has long been abandoned due to the ongoing Boko Haram insurgency (Macaulay, 2018). Any fair assessment of the Buhari’s administration must take these facts into consideration. These staggering statistics clearly have a verifiable impact on the direction of economic investment decisions whether foreign or local (Adam , 2017). In the end, it will affect both the perception of Nigeria globally and the reality of citizens’ livelihoods in this oil-rich country at home. Hence, the need to look into factors contributing to the economic decline under Buhari administration from 2015 to 2022.

1.3 Objective of the study

The general objective of the study is to examine factors contributing to the economic decline under Buhari administration from 2015 to 2022. The specific objective is as follows:

i.          To find out the factors responsible for the economic recession under Buhari's administration.

ii.        To examine the effect of bad leadership on the issues of socio-economic development of the country.

iii.      To assess the challenges of President Buhari's administration since 2015, and its Implications on socio-economic development in Nigeria

iv.      To investigate if there is any effort put in place to improve the  socio-economic development in the country.

1.4 Research Questions

The following questions have been prepared for the study:

i.          What are the factors responsible for the economic recession under Buhari's administration?

ii.        What are the effect of bad leadership on the issues of  socio-economic development of the country?

iii.      What are the challenges of President Buhari's administration since 2015, and its Implications on socio-economic development in Nigeria?

iv.      Is there any effort put in place to improve the  socio-economic development in the country?

1.5 Significance of the study

This study will be significant to the Nigerian government and policy makers as they will be exposed to the hardship faced by the citizen of this country due to recession which has led to the  rise in market commodity, thereby enacting policies that will reduce the hardship of the people

The study will be significant to the academic community as it will contribute to the existing literature.

1.6 Scope of the study

This study will find out the factors responsible for the economic recession under Buhari's administration. The study will also examine the effect of bad leadership on the issues of socio-economic development of the country. The study will further assess the challenges of President Buhari's administration since 2015, and its Implications on socio-economic development in Nigeria. Finally, the study will investigate if there is any effort put in place to improve the  socio-economic development in the country.Hence, the study is delimited to Buhari administration 2015 to 2022.

1.7 Limitation of the study

Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. Insufficient funds tend to impede the efficiency of the researcher in sourcing for the relevant materials, literature, or information and in the process of data collection (internet, questionnaire, and interview), which is why the researcher resorted to a moderate choice of sample size. More so, the researcher will simultaneously engage in this study with other academic work. As a result, the amount of time spent on research will be reduced.

1.8 Definition of terms

Economic decline: a period of general economic decline and is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market.