In 1983, Nigeria’s economy plunged into recession, contracting at -10.93%. The contraction recorded in 1983 remains one of the biggest in our history; this was on the back of oil supply glut following the 1970s energy crisis, causing oil prices to tank.
This had lead to many cascading effect including a government change, a lot of watchers had also blamed the problems on the fallout from the cement armada and the hefty fines Nigeria had to pay, some had blamed it on the massive corruption in the Shagari government, some had blamed the Ghanaians for our problems. What ever the situation was Nigeria’s economy That grew over 5 folds in the 70s had plummeted and the effect was felt.
This economic effect also lead to the first batch of people leaving the country called the Japa effect, then they were called the Andrew’s popularized by the song of Veno Mariogharie who sang Nigeria go survive.
Military leader, Buhari became president after a coup and further destroyed the economy with bad decisions till date Nigeria has not recovered from the 1983 debacle.