Nigerian GDP Growth: Experts Blame Assets Depletion, Poor Productivity for Lack of Livelihood Improvement
Nigeria’s Gross Domestic Product (GDP) for the second quarter of 2024 recently registered a growth of 3.19%, as reported by the National Bureau of Statistics (NBS). However, two leading economists have questioned the significance of this economic metric, arguing that it has not substantially improved the lives of ordinary Nigerians. Speaking on Channels Television’s flagship morning show, The Morning Brief, Roman Oseghale, a business and economic Intelligence analyst, and Gospel Obele, a research economist, shared their perspectives on the current economic landscape.
According to Roman Oseghale, Nigeria operates under an “assets depletion economy” wherein wealth is concentrated among a select few, with little trickling down to the masses. This, he suggested, undermines the notion that GDP growth invariably improves the standard of living. Obele, on the other hand, maintained that declining quality of life globally is an consequence of nations failing to effectively cultivate productivity.
Both experts agree that something is amiss in the manner GDP growth is being measured. This echoes concerns that the mere acceleration of economic growth does not necessarily indicate widespread prosperity. As the world contemplates the future of economic development, expert analysis like this serves as a useful corrective, urging policymakers and decision-makers to re-examine the effectiveness of their economic strategies.
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