Economists have questioned the relevance of the National Bureau of Statistics' (NBS) latest Gross Domestic Product (GDP) figures, arguing that the reported economic growth has not translated into improved living conditions for millions of Nigerians grappling with rising costs. The NBS, in its first-quarter 2026 GDP report released on Monday, stated that Nigeria's economy expanded by 3.89 per cent, up from the 3.13 per cent growth recorded during the same period in 2025.
According to the report, the services sector remained the largest contributor to the economy, accounting for 57.73 per cent of total GDP. Agriculture contributed 23.16 cent, while the industrial sector made up 19.11 per cent.
The bureau also disclosed that nominal GDP stood at N110.79 trillion, while real GDP was valued at N51.36 trillion. The non-oil sector dominated economic activity, contributing 96.08 cent to GDP, compared to the oil sector's 3.92 cent share.
Despite the positive economic indicators, the figures have sparked criticism from stakeholders and members of the public who say the reported growth is disconnected from the realities facing ordinary Nigerians.
The concerns come amid soaring living expenses across the country. Recent reports indicate that cooking gas prices have climbed above N1,500 per kilogram, petrol is selling for around N1,400 per litre, and diesel prices have risen to nearly N2,000 per litre, worsened by the ongoing crisis in the Middle East.
Reacting to the GDP report, former President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Mazi Okechukwu Unegbu, and President of the Bank Customers’ Association of Nigeria, Dr Uju Ogunbunka, maintained that the reported economic growth has yet to make a meaningful impact on the lives of citizens struggling with the high cost of living.
The economists argued that while macroeconomic indicators may suggest improvement, the benefits are not being felt by the average Nigerian, raising questions about the inclusiveness and effectiveness of the country's economic growth.
GDP Growth Yet to Improve Nigerians’ Lives — Unegbu
Former President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Mazi Okechukwu Unegbu, has argued that Nigeria's improving GDP figures have failed to translate into meaningful improvements in the lives of ordinary citizens.
Speaking on the latest economic growth report released by the National Bureau of Statistics (NBS), Unegbu said the persistent rise in the cost of living has continued to overshadow the country's positive GDP performance.
According to him, economists are increasingly considering ways to recalibrate GDP measurements to better reflect the realities experienced by everyday Nigerians rather than relying solely on aggregate economic data.
He noted that prices of essential goods and services have continued to rise under the current administration, placing additional pressure on households across the country.
Unegbu maintained that GDP figures, particularly during periods of economic hardship, should not be used as the sole benchmark for assessing citizens' welfare. Instead, he said economic growth should be evaluated alongside market realities and the purchasing power of the population.
Citing the soaring prices of cooking gas, petrol, and diesel, he argued that many Nigerians are worse off despite the reported expansion of the economy. He also called for GDP calculations to incorporate the experiences of ordinary citizens, including traders, artisans, students, mechanics, and hairdressers.
“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 litre. 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, and the lives of traders, mechanics, and hairdressers," he said.
Statistic Different From Reality - Ogunbunka
Also reacting to the NBS report, President of the Bank Customers’ Association of Nigeria, Dr. Uju Ogunbunka, said the reported economic growth does not align with the realities faced by millions of Nigerians.
Ogunbunka observed that despite the positive GDP figures, many citizens continue to struggle with rising living costs, inflationary pressures, and worsening economic conditions.
“Unfortunately, beautiful statistics do not match reality. The NBS report on GDP growth to 3.89 per cent leaves more than expected as many battle with the rising cost of living,” he stated.
