Despite Nigeria’s GDP growing by 3.46% in Q3 2024, economists argue the figures fail to capture the economic hardship faced by citizens.
Professor Segun Ajibola, former President of the Chartered Institute of Bankers, highlighted the disconnect between macroeconomic gains and micro-level realities.
“GDP growth is no guarantee of improved living standards due to inequality and weak distribution systems,” he said.
Executive Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, noted the disparity between booming service sectors and the struggling real sector.
“Sustainable growth requires structural reforms to balance sectoral contributions,” Yusuf said.
The services sector contributed over 53% to GDP growth, while agriculture and manufacturing saw marginal increases of 1.14% and 0.92%, respectively.
Rising inflation and high borrowing costs have exacerbated the economic strain, eroding citizens’ purchasing power.
“Nigeria’s economic recovery must prioritise equitable distribution and real sector revitalisation,” the experts concluded.
