GDP Is Growing, But Can Nigerians Feel It Makinde Questions Economic Gains
GDP Is Growing, But Can Nigerians Feel It Makinde Questions Economic Gains Oyo State Governor Seyi Makinde has acknowledged that Nigeria’s economy is growing but questioned whether the improvement reflected in economic statistics is translating into better living conditions for ordinary Nigerians.
Makinde raised the issue in the August edition of his newsletter, The Business of Governance, where he argued that economic growth should be measured not only through figures released by government agencies but also by its impact on the daily lives of citizens. According to the governor, recent economic indicators show positive developments, including growth in Nigeria’s Gross Domestic Product GDP, increased government revenues and ongoing budget implementation. However, he said the more important question is whether those gains are producing tangible improvements for Nigerians. Makinde said economic growth should not be treated as an end in itself. He explained that genuine growth should create more opportunities for people to earn decent incomes, enable businesses to expand and employ more workers, improve infrastructure and public services, and give families greater confidence about their future. The governor said this philosophy is reflected in Oyo State’s stated ambition of moving people “from poverty to prosperity. For him, the success of economic policies should ultimately be judged by whether ordinary citizens experience meaningful improvements in their lives. Makinde pointed to the latest National Bureau of Statistics figures showing that Nigeria’s real GDP grew in the first quarter of 2026, with much of the expansion coming from the non-oil sector. While describing the figures as encouraging, he argued that GDP statistics do not tell the entire story of the economy. According to the governor, Nigerians experience economic conditions through the prices they pay for food, transportation, electricity and housing. They also feel the economy through the performance of their businesses and whether young people and other job seekers can find decent employment. He therefore urged policymakers to look beyond headline economic figures and focus on what those figures are delivering for households and businesses.
Makinde also used Oyo State’s recent financial performance to illustrate his argument. He disclosed that the state generated ₦406.9 billion in total revenue during the first six months of 2026, representing 91.2 per cent of its target for the period. The state also recorded ₦345.7 billion in expenditure, equivalent to 77.5 per cent of its half-year expenditure target. However, Makinde stressed that the figures themselves should not be regarded as the achievement.
Instead, he said the important consideration is what government is able to accomplish with the resources available to it. The governor cited the planned deployment of 50 electric buses as an example of how government spending should translate into tangible benefits for residents. He said the buses will operate across local governments as well as on intra-city and inter-city routes. According to Makinde, the objective is not simply to increase the number of vehicles in the government fleet but to help reduce transportation costs for residents. He said the distinction between acquiring assets and delivering measurable benefits to citizens is important when assessing government performance. Makinde said positive economic indicators should certainly be welcomed, but insisted that governments must remain focused on their impact on the population. He argued that stronger economic numbers should give governments greater capacity to invest in infrastructure, education and healthcare, improve the movement of agricultural products and reduce some of the costs confronting ordinary Nigerians.
The governor ultimately posed a question that he described as more important than simply determining whether Nigeria’s economy is growing.
