11/07/2025
๐ช๐ต๐ ๐ก๐ถ๐ด๐ฒ๐ฟ๐ถ๐ฎโ๐ ๐๐๐ฃ ๐๐ฟ๐ผ๐๐๐ต ๐๐๐ปโ๐ ๐๐บ๐ฝ๐ฟ๐ผ๐๐ถ๐ป๐ด ๐๐ถ๐ณ๐ฒ ๐ณ๐ผ๐ฟ ๐๐๐ฒ๐ฟ๐๐ฑ๐ฎ๐ ๐ก๐ถ๐ด๐ฒ๐ฟ๐ถ๐ฎ๐ป๐
๐๐: ๐๐ฟ. ๐ข๐๐ฎ๐๐ฒ ๐๐ผ๐๐ต๐๐ฎ ๐ข๐ฏ๐ฎ๐๐ฒ๐ธ๐ถ-๐ข๐๐ฒ๐บ๐๐ฒ๐ด๐ถ๐ฒ
Nigeria is often called the โgiant of Africa,โ and for good reason. It has the biggest economy on the continent. Over the years, we've seen reports of strong GDP growthโeven boasting about being the largest economy in Africa.
But here's the thing: if the economy is supposedly growing, why does life feel so hard for so many Nigerians? Why are so many people still struggling with poverty, unemployment, and poor infrastructure?
Letโs break down why all that talk about GDP doesnโt always mean real improvements in the lives of everyday people.
๐ช๐ต๐ฎ๐ ๐๐๐ฒ๐ป ๐๐ ๐๐๐ฃ, ๐ฎ๐ป๐ฑ ๐ช๐ต๐ ๐๐ผ ๐ช๐ฒ ๐๐ฎ๐ฟ๐ฒ?
GDP, or Gross Domestic Product, is the value of everything a country produces in a year. Itโs often used as a scorecard for economic health.
But thereโs a catch: GDP just measures the size of the economyโit doesnโt tell you who is benefitting or whether life is actually getting better for ordinary people.
๐ง๐ต๐ฒ ๐ฅ๐ถ๐ฐ๐ต ๐๐ฟ๐ฒ ๐๐ฒ๐๐๐ถ๐ป๐ด ๐ฅ๐ถ๐ฐ๐ต๐ฒ๐ฟโ๐๐๐ ๐ช๐ต๐ฎ๐ ๐๐ฏ๐ผ๐๐ ๐๐๐ฒ๐ฟ๐๐ผ๐ป๐ฒ ๐๐น๐๐ฒ?
In Nigeria, much of the GDP growth has been concentrated in specific sectors (like oil and gas) and urban areas (especially Lagos and Abuja). Meanwhile, many Nigerians in rural areas or other industries see little of that wealth.
Even when GDP goes up, inequality can keep most people from feeling the benefits. A few people and companies may be doing great, but millions are left behind.
๐ง๐ผ๐ผ ๐ ๐๐ฐ๐ต ๐ฅ๐ฒ๐น๐ถ๐ฎ๐ป๐ฐ๐ฒ ๐ผ๐ป ๐ข๐ถ๐น
Letโs be honestโNigeria's economy is too dependent on oil. Oil brings in the bulk of export earnings, but it doesnโt employ that many people.
When oil prices drop, government revenue takes a hit. And despite all the talk about diversifying, sectors like agriculture and manufacturing still havenโt been developed enough to create the millions of jobs we need.
๐ช๐ต๐ฒ๐ฟ๐ฒโ๐ ๐๐ต๐ฒ ๐ ๐ผ๐ป๐ฒ๐ ๐๐ผ๐ถ๐ป๐ด?
Another big problem? Corruption and poor governance.
Even when the government collects revenue from oil or taxes, too much of it is lost to mismanagement, waste, or outright theft. That means less money for schools, hospitals, roads, power, and water.
Itโs not surprising that so many Nigerians struggle to see any real benefits from โeconomic growthโ when the basics are so neglected.
๐ ๐ฃ๐ผ๐ฝ๐๐น๐ฎ๐๐ถ๐ผ๐ป ๐ง๐ต๐ฎ๐โ๐ ๐๐ผ๐ผ๐บ๐ถ๐ป๐ดโ๐๐๐ ๐ฎ๐ ๐ช๐ต๐ฎ๐ ๐๐ผ๐๐?
Nigeriaโs population is growing rapidlyโone of the fastest rates in the world. While that means lots of young, energetic people, it also means thereโs more pressure on schools, hospitals, housing, and jobs.
Even if the economy grows, it often canโt keep up with the number of people who need support. That leaves many in poverty or underemployment, especially young people.
๐๐ป๐ณ๐น๐ฎ๐๐ถ๐ผ๐ป ๐๐ฎ๐๐ ๐๐๐ฎ๐ ๐ฎ๐ ๐๐ป๐ฐ๐ผ๐บ๐ฒ๐
Another harsh reality is inflation.
Prices keep going upโespecially for food and other essentials. Even if people get paid a bit more, their money doesnโt go as far. Add exchange rate instability, and imports get even pricier.
For many, GDP growth feels meaningless if they canโt afford basic needs.
๐ฅ๐ฒ๐ด๐ถ๐ผ๐ป๐ฎ๐น ๐๐ป๐ฒ๐พ๐๐ฎ๐น๐ถ๐๐ ๐ฎ๐ป๐ฑ ๐๐ป๐๐ฒ๐ฐ๐๐ฟ๐ถ๐๐
Nigeria isnโt one economyโitโs many.
The South tends to be more developed, with better infrastructure and more opportunities. Meanwhile, the North faces higher poverty rates, less investment, and serious security challenges like insurgency, banditry, and communal violence.
Conflict and displacement not only hurt people directly but also scare off investors and destroy livelihoods.
๐๐๐ฃ ๐๐ผ๐ฒ๐๐ปโ๐ ๐ง๐ฒ๐น๐น ๐๐ต๐ฒ ๐ช๐ต๐ผ๐น๐ฒ ๐ฆ๐๐ผ๐ฟ๐
Hereโs the truth: GDP is a useful number, but itโs limited.
It doesnโt measure inequality. It doesnโt count unpaid work (like caring for family). It doesnโt tell us about health, education, or life satisfaction.
Thatโs why experts suggest looking at broader measures like the Human Development Index (HDI) or the Multidimensional Poverty Index (MPI), which show how people are really living.
๐ช๐ต๐ฎ๐ ๐๐ฎ๐ป ๐๐ฒ ๐๐ผ๐ป๐ฒ?
If we want Nigeriaโs growth to actually improve lives, there needs to be real change:
1. Diversify the economy beyond oilโinvest in agriculture, manufacturing, and services.
2. Fight corruption so that public money goes where itโs needed.
3. Improve infrastructureโpower, roads, water, schools, hospitals.
4. Invest in people through quality education and healthcare.
5. Support small businesses and entrepreneurs to create jobs.
6. Implement social safety nets to help the most vulnerable.
๐๐ถ๐ป๐ฎ๐น ๐ง๐ต๐ผ๐๐ด๐ต๐๐: GDP growth is goodโitโs better than the economy shrinking! But itโs not enough.
What matters is whether that growth helps people live better, healthier, more secure lives. Nigeria has enormous potential, but it needs policies that prioritise people, not just numbers.
Itโs time for growth that truly works for everyone.
Daily Trust
Azizen
La Plage Meta Verse
BBC World Service
Ahmed Musa MON
Labour Party of Nigeria, North America Chapter, US and Canada
