By Chief Ameh Peter
Nigeria’s economic paradox is a complex issue that has been ongoing for years. Despite the country’s GDP growth, many Nigerians continue to suffer from poverty, hunger, and lack of access to basic infrastructure.
The recent announcement by the Nigeria Bureau of Statistics (NBS) that the country’s GDP grew by 3.46% in the third quarter of 2024 seems to contradict the reality on the ground.
This disconnect between economic growth and human experience is not new in Nigeria. The country has been plagued by corruption, mismanagement, and a defective political system that allows incompetent leaders to gain power.
These issues have stifled economic growth and development, leading to widespread poverty and suffering.
To address these challenges, Nigeria needs to embark on comprehensive economic reforms that prioritize transparency, accountability, and good governance.
The government must also invest in critical infrastructure, such as roads, electricity, and healthcare, to create an enabling environment for economic growth.
Ultimately, Nigeria’s economic growth must be inclusive and beneficial to all its citizens. The government must move beyond statistical manipulation and focus on creating a conducive environment for economic growth and development.
Only then can Nigeria’s economic growth be truly transformative and improve the lives of its citizens.
Key Issues:
- Defective Political System: Nigeria’s political system allows incompetent leaders to gain power, leading to corruption, mismanagement, and stifled economic growth.
- Lack of Transparency and Accountability: The government’s reliance on statistical manipulation creates a false narrative of economic growth, concealing the harsh economic realities faced by Nigerians.
- Infrastructure Deficit: Nigeria’s lack of critical infrastructure, such as roads, electricity, and healthcare, hinders economic growth and development.
- Inclusive Economic Growth: Nigeria’s economic growth must be inclusive and beneficial to all its citizens, rather than just a select few.
