Economists have rejected the latest Gross Domestic Product, GDP, report released by the National Bureau of Statistics, NBS, amid worsening living conditions across Nigeria.
Recall that the NBS report released on Monday showed that the Nigerian economy grew by 3.89 percent in the first quarter of 2026, compared to 3.13 percent recorded during the same period last year.
The report indicated that the service sector contributed the highest share to aggregate GDP at 57.73 percent, followed by agriculture at 23.16 percent and industries at 19.11 percent.
The NBS further disclosed that nominal GDP stood at ₦110.79 trillion, while real GDP was ₦51.36 trillion, with the non-oil sector contributing 96.08 percent against 3.92 percent from the oil sector.
Like previous GDP reports released by the NBS, the latest figures have generated reactions among Nigerians and stakeholders amid the country’s rising cost of living.
ZINGTIE had earlier reported increasing energy costs, with cooking gas selling above ₦1,500 per kilogram, petrol around ₦1,400 per litre and diesel close to ₦2,000 per litre amid the nearly three-month-old Middle East crisis.
Speaking with ZINGTIE, former President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria, CIBN, Okechukwu Unegbu, alongside the President of the Bank Customers Association of Nigeria, Uju Ogunbunka, argued that the country’s GDP growth has not reflected in the lives of ordinary Nigerians battling high living costs.
Unegbu stated that despite repeated improvements in Nigeria’s GDP figures, the condition of ordinary Nigerians has not improved.
According to him, the reported economic growth has failed to translate into better living conditions for citizens, while the cost of living continues to rise.
He explained that economists are now considering ways to recalibrate GDP measurement so that it reflects the realities experienced by citizens across the country.
Unegbu noted that the prices of essential goods and services have continued to increase under the current administration, worsening hardship for average Nigerians.
The economist maintained that GDP figures during economic crises should not be used as the sole measure of citizens’ welfare, insisting that economic growth must also reflect market realities and purchasing power.
He cited the rising prices of cooking gas, fuel and diesel as proof that Nigerians are worse off despite the reported GDP growth.
He further suggested that GDP calculations should capture the realities of ordinary Nigerians, including traders, artisans and students.
“Economists are now trying to recalibrate the GDP to link it to the life of the ordinary person on the street. Despite improvement in Nigeria’s GDP, the life of the ordinary person is not improving.
“The GDP has no meaning; that is why the economy wants to recalibrate it and link it to the life of the ordinary person in this space.
“Right now the price of everything has increased since this administration. The cost of living has been going up. Nothing has come down.
“The NBS GDP report showed that the economy is growing, but in actual fact, if you go to the market, instead of prices of things changing, things are going up.
“So we are now worse off than before despite the improvement in GDP. The GDP during the crisis should not be used to compare the life of the ordinary person, and that’s why we are thinking.
“The best thing would be to compare the GDP or calculate the GDP based on the life of market forces. For instance, cooking gas is now over N1500 per kilogram.
“Fuel and diesel are as high as N1400 and N2000 per liter. The GDP improvement has not impacted positively on the life of the common man.
“My own suggestion is that when the GDP is published, it should not be used to measure what the common man is doing.
“To me, the GDP should reflect the common man. GDP should reflect people whose lives are affected: the life of the schoolboy, the life of the market woman/man, the life of traders, mechanics, and hair dressers,” he told ZINGTIE.
Also speaking, Ogunbunka stated that the latest NBS GDP report does not reflect the realities faced by ordinary Nigerians.
He said that despite the reported economic growth, millions of Nigerians are still struggling with rising living costs, inflation and worsening hardship.
“Unfortunately, beautiful statistics do not match reality. The NBS report on GDP growth to 3.89 percent leaves more than expected as many battle with the rising cost of living,” he stated.
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