Despite Nigeria’s reported GDP growth in recent years under President Bola Tinubu’s administration, economists warn that the headline economic figures mask widespread frustrations among ordinary citizens.
Nigeria’s economy grew by approximately 3.4% in 2024, the highest in a decade aside from COVID-19 recovery years, driven mainly by gains in oil and gas, technology, and finance sectors. However, inflation remains high above 20% significantly eroding purchasing power and increasing living costs for millions.
Economists highlight that this growth has not translated into meaningful improvements in employment and poverty reduction. The informal sector dominates Nigeria’s labor market, with over 90% of workers in precarious jobs lacking social safety nets.
President Tinubu’s economic reforms including fuel subsidy removal, currency devaluation, and spending cuts have stabilized macroeconomic indicators but contributed to surging prices for food, transport, and utilities, deepening the hardship for many Nigerians.
Additionally, challenges like insecurity in the Middle Belt, low capital investment, and declining foreign direct investment underscore systemic weaknesses that GDP figures fail to capture.
Experts call for more inclusive economic policies targeting social protection, infrastructure development, and security improvements to ensure growth benefits the broader population.
The gap between statistical growth and lived economic realities remains a critical issue as Nigeria aims for ambitious growth targets but grapples with persistent poverty and inequality.