Abuja: Some economic experts have expressed mixed reactions to Nigeria’s 4.43 per cent Q2 2026 Gross Domestic Product (GDP) growth, with some saying it is yet to translate into improved living standards for most Nigerians.
According to News Agency of Nigeria, the experts discussed the latest GDP figures released by the National Bureau of Statistics (NBS), highlighting the complexities behind the numbers.
The NBS reported that Nigeria’s real GDP grew by 4.43 per cent year-on-year in Q2 2026, surpassing the 4.23 per cent recorded in the same quarter of the previous year. The report detailed sectoral performances, revealing a 4.39 per cent growth in agriculture, a dip in industry growth to 3.96 per cent, and an increase in the services sector to 4.60 per cent. Despite these figures, experts argue that the growth does not reflect improvements in the welfare of Nigerian citizens.
The services sector remained the largest contributor to GDP, accounting for 56.62 per cent of aggregate GDP in Q2 2026. In nominal terms, the GDP stood at N119.29 trillion, marking an 18.43 per cent year-on-year increase from N100.73 trillion in Q2 2025. However, experts warn against viewing the GDP growth as evidence of a broad-based recovery without considering underlying issues like productivity, job creation, and household purchasing power.
Prof. Ken Ife, a development economist, emphasized that GDP growth does not adequately capture poverty and income disparities. He expressed concern over the industrial sector’s performance, particularly manufacturing, which showed minimal growth. Ife highlighted the gap between nominal and real GDP growth, pointing out that high prices have eroded Nigerians’ purchasing power.
Looking ahead, Ife suggested that economic growth could improve in the latter half of the year due to seasonal factors but stressed that sustainability depends on developments in the oil sector, agriculture, and other factors. Meanwhile, Mr. Okechukwu Unegbu, a financial expert, cautioned against interpreting GDP figures in isolation from poverty and household welfare indicators. He urged the government to focus on human capital investment and ensure transparency in revenue usage from reforms like fuel subsidy removal.
Overall, the experts agree that while GDP growth is a positive indicator, it must translate into tangible improvements in living standards and economic conditions for the average Nigerian to be meaningful.