Nigerian Leaders Urge Inclusive Growth Beyond GDP Figures

At the Oxford Global Think Tank Leadership Conference, prominent Nigerian business and economic leaders, including Emir of Kano Muhammadu Sanusi II, businessman Atedo Peterside, former SEC Director-General Arunma Oteh, former AfDB President Dr. Akinwumi Adesina, and Minister of Communications Dr. Bosun Tijani, discussed the need for economic reforms to improve living standards. They stressed that current economic growth, reported at about 4.5 percent, does not necessarily reflect the welfare of ordinary Nigerians.

Sanusi cautioned that GDP growth could mask deteriorating conditions, as GDP per capita has declined since 2023 due to population growth and currency depreciation. The leaders advocated for a more inclusive growth model that focuses on strong institutions, private sector investment, technological advancement, and human capital development, emphasizing that economic recovery should be measured by improvements in household incomes, living conditions, and employment opportunities.